"Trump Coin" and "Melania Coin" spark controversy! Cryptocurrency executives slam Trump for disrupting the industry.

Within 24 hours of beginning his second term, Donald Trump and his wife Melania's names were used to launch new meme cryptocurrencies, sparking collective criticism among cryptocurrency industry executives. They had hoped the incoming US Republican government would take the cryptocurrency sector seriously, including Bitcoin and Ethereum, but they feared Trump and Melania's involvement could lead to market criticism of cryptocurrency assets. The President-elect launched "Trump" cryptocurrency (Trump coin) on Friday, while his wife Melania launched her "Melania" cryptocurrency (Melania coin) on Sunday. According to data from the cryptocurrency data aggregator CoinMarketCap, the so-called "Trump coin" meme cryptocurrency reached a total market value of $15 billion at one point, but then briefly dropped below $8 billion as the "Melania coin" attracted a significant portion of investment interest and market funds away from the "Trump coin." However, the official website of Melania's "Melania coin" stated that the cryptocurrency was created to show "support" and "participation," not as a major investment opportunity, and warned of significant market risks associated with the coin's high volatility. These meme cryptocurrencies, including Dogecoin and Trump coin, were seen by some cryptocurrency industry executives as disrupting the entire cryptocurrency trading market. They believed that these meme cryptocurrencies should not exist and significantly diminished the trading volume of larger cryptocurrencies like Bitcoin and Ethereum. The cryptocurrency industry is filled with meme cryptocurrencies like Dogecoin, which are considered financial jokes with little intrinsic value and high volatility. This has sparked controversy in the cryptocurrency investment field, with some experts demanding that cryptocurrency trading platforms delist these meme cryptocurrencies. Some cryptocurrency executives criticized this emerging industry for being too frivolous and risky for mainstream investors. Meme cryptocurrencies like Dogecoin do not have intrinsic value like Bitcoin and Ethereum and heavily rely on social media hype, which can be short-lived. Although Trump's new cryptocurrency "lightning raid" has sparked speculation in the market, such as announcing the establishment of a "cryptocurrency strategic reserve" and designating this asset class as a "national priority" in executive orders after taking office, potentially leading Bitcoin to reach historic highs just hours before his inauguration. After the release of the "Trump coin" and "Melania coin" over the weekend, some prominent figures in the cryptocurrency industry expressed concern about the "disadvantages outweighing the benefits" for an emerging industry trying to rebuild its reputation. The prices of cryptocurrencies like Bitcoin have risen significantly since November, with the surge of the "Trump coin" and "Melania coin" on Monday bringing unexpected windfalls of billions of dollars to entities associated with Trump in the short term. According to reports, the incoming president is considering issuing an executive order to designate this asset class as a "national priority." Rob Hardwick, a general partner at Dragonfly Capital, a risk investment firm focused on cryptocurrency, said that Trump's actions are now clearly a negative factor and that as builders, they must focus on moving forward. According to CoinMarketCap data, the total market value of the so-called "Trump coin" was slightly below $11 billion as of 11 a.m. London time. The focus of the industry is not on the two newly issued cryptocurrencies, but on the government-level measures Trump is expected to take to promote broader industry growth after taking office. Over the past two years, cryptocurrency executives have been resisting multiple policy crackdowns from the U.S. Securities and Exchange Commission (SEC) after the complete collapse of the cryptocurrency trading platform FTX founded by Sam Bankman-Fried. In a post on X, angel investor and former CTO of Coinbase Global, Balaji Srinivasan, stated that meme cryptocurrencies are essentially a zero-sum "lottery" and that their "price will eventually collapse, leaving the final irrational buyers with nothing." In another post, Anthony Scaramucci, founder of SkyBridge Capital, pointed out that the issuance of Melania coin caused a significant devaluation of Trump coin. Scaramucci, who briefly served as Trump's communications liaison during his first term as U.S. President in 2017 before being fired and becoming a vocal critic of the U.S. government, stated in a post on X, "Musk was right, we are living in a simulation." Meanwhile, Gabo Gurbach, former director of digital asset strategy at VanEck, a cryptocurrency investment provider, and founder of PointsVille, stated on X that meme cryptocurrencies like "Dogecoin" have caused the U.S., the president, and his family to lose some cryptocurrency credibility, and the ultimate consequences of the widespread issuance of these meme cryptocurrencies "have not even begun to show up yet," calling on Trump to fire his personal cryptocurrency advisor. Representatives of Trump did not respond to requests for comment on the criticism of meme cryptocurrencies from executives of cryptocurrency asset management companies. Trump has long been skeptical of the entire cryptocurrency industry, but his attitude changed as the industry poured massive financial support into his campaign fund during the U.S. election preparation period. Now, he plans to...The country is aiming to establish itself as the most crucial hub in the global cryptocurrency field and firmly support the idea of creating a national-level "Bitcoin strategic reserve".The attempts by the president-elect, who will officially take office in less than 24 hours, to venture into cryptocurrency include profitable non-fungible token (NFT) collections, showcasing digital collectibles of himself in various poses and outfits. Trump also endorsed the "World Liberty Financial" cryptocurrency project, along with his sons, at a presidential level, although the details of this latest cryptocurrency project remain scarce. Caroline Moron, co-founder of Orbit Markets, a provider of liquidity trading for cryptocurrency derivatives, stated that the weekend's meme cryptocurrency drama was a "very crazy" turn of events, "even the cryptocurrency industry did not fully anticipate this astounding move. I think people were expecting a more traditional policy approach- but I expect that cryptocurrency policies might also be gradually implemented."