Trump Family Faces Accusations of Greed and Grifting After Back-to-Back Memecoin Launches

Donald Trump and his wife, Melania Trump, have faced sharp criticism after the launch of two back-to-back memecoins over the weekend, which saw their combined value skyrocket to over $15 billion. Critics are accusing the Trump family of orchestrating a "pump and dump" scheme, exploiting their political influence for financial gain.

TRUMP Token Surges, MELANIA Follows Suit

The controversy began with the launch of the Official Trump (TRUMP) token, which quickly gained traction, surging to a $15 billion market cap in a matter of hours. Just a day later, Melania Trump introduced her own self-titled memecoin, MELANIA, which saw a meteoric rise to over $13 billion in value within four hours of launch.

However, the release of MELANIA triggered a significant drop in the price of the TRUMP token, which plummeted by 38%. As of the latest data, MELANIA’s valuation has almost halved, sitting at $7.3 billion, raising questions about the timing and intent behind the launches.

Accusations of Greed and Market Manipulation

Critics were quick to accuse the Trump family of exploiting their political profiles for personal gain. Jim Bianco, president of Bianco Research, expressed his concerns on January 19, stating that the success of the TRUMP token had only fueled the Trumps’ greed. He added that the launch of MELANIA was seen as an attempt to capitalize further, leading many to fear that there might be additional tokens in the works.

“There was speculation that the success of $TRUMP would make Trump greedy. He tried to double down with $MELANIA, but the market sees it as a form of dilution,” Bianco said. “The market is worried that Trump has many more coins ready to launch.”

Market Impact and Further Criticism

The backlash intensified as TRUMP’s dramatic drop in value was seen by many as a result of the market's disillusionment with the Trump family’s approach to cryptocurrency. Financial analyst Michael A. Gayed claimed that Trump’s credibility had been severely tarnished, describing the TRUMP token as a "pump and dump" scheme.

“There’s no way to spin this,” Gayed said on X. “This is a blatant cash grab and will ultimately destroy any trust the public may have had in Trump’s crypto ventures.”

José Maria Macedo, co-founder of Delphi Labs, went further, speculating that insiders involved in the TRUMP launch had miscalculated the surge in value. “They rushed to launch $MELANIA to fill their bags this time,” Macedo wrote, “and in their greed, they nuked $30 billion in value, likely committing a number of crimes in the process.”

MELANIA Token Launch Amid Crypto Market Downturn

The MELANIA token’s release coincided with a broader downturn in the crypto market, including a nearly 6% drop in Bitcoin’s price, which fell from $105,900 to below $99,650, according to TradingView data. This added to the scrutiny of the Trump family’s moves in the crypto space, with many questioning the ethics behind such high-stakes, speculative token launches.

Ryan Selkis, a former CEO of crypto research firm Messari and a supporter of Trump, also weighed in, recommending that the president-elect “fire” whoever was responsible for the launch of MELANIA. “They clearly don’t know what they’re doing,” Selkis said. “This doesn’t reflect well on Trump’s best interests.”

Unprecedented Attention but Controversial Outcomes

Despite the controversies, the TRUMP and MELANIA tokens have garnered an unprecedented level of attention from traders. Together, they have amassed a combined market cap of over $16 billion, making them two of the most talked-about assets in the crypto space.

While the Trump family’s involvement in the memecoin market has drawn significant financial backing and investor interest, it has also cast a shadow over the legitimacy of these projects. As the market reacts to the volatility surrounding these tokens, the ethical questions surrounding celebrity-backed cryptocurrency ventures continue to linger, leaving many to wonder whether this is a case of entrepreneurial innovation or a high-stakes gamble that has gone awry.

With both tokens now facing steep declines, the coming days will reveal whether this crypto experiment will end in redemption or further scandal.