Trump's Memecoin Down 95% as Democrats Seek Answers on Crypto 'Corruption'
Source: Gizmodo
The crypto market has been in shambles lately, although the price of bitcoin is now back up to around $70,000 after sinking to approximatey $60,000 yesterday. In response, Democrats are mocking Trump’s crypto embrace that began during his 2024 presidential campaign, and the president’s own TRUMP memecoin is now down roughly 95% from the all-time high it hit around the time of his inauguration. Things look even worse for the first lady’s MELANIA memecoin, which is now down 99% from its own all-time high.
On top of the severe decline seen in the bitcoin and greater crypto market, the Trump administration has been accused by many of conducting various corrupt deals and offering pay-to-play schemes in terms of favorable regulatory policy for crypto insiders. The TRUMP memecoin is part of this, as crypto entrepreneur and investor Justin Sun’s massive holdings of the memecoin were part of a letter sent by House Democrats to the SEC regarding concerns over the lack of regulatory enforcement in the crypto industry that has occurred during Trump’s second term in office.
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Read more: https://gizmodo.com/trumps-memecoin-down-95-as-democrats-seek-answers-on-crypto-corruption-2000719005
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