Trump’s Token Soars: The Final Chapter of the Meme Coin Frenzy

Trump’s Token Soars: The Final Chapter of the Meme Coin Frenzy

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The biggest news this week: Donald Trump launches a cryptocurrency. Last weekend, while awaiting inauguration as U.S. president, Donald Trump made a surprise announcement: the launch of a meme coin, $TRUMP, on the Solana blockchain. Within just two days, $TRUMP’s market cap skyrocketed into the global top 20 rankings, with Binance and Coinbase rushing to list it. The Solana blockchain is still experiencing congestion due to the frenzy. This article delves into the bright side of Trump’s coin launch and why I believe this marks the “last dance” of the meme coin craze.

Trump’s Coin Launch

On Saturday morning, January 18 (Taiwan time), Trump took to his own social platform, Truth Social, to declare:
"My all-new, official Trump meme coin has arrived! It’s time to celebrate our victory and join the one-of-a-kind Trump community. Head over to gettrumpmemes.com to get your $TRUMP. Have fun!"

At first, I assumed this was another case of "the boy who cried wolf." Over the past few years, there have been numerous attempts to issue tokens under Trump’s name, often simply called $TRUMP. Even though this announcement came from Trump’s personal account, celebrity accounts are frequently hacked—perhaps Trump was just the latest victim?

As people waited to see if Trump would delete the post, something unexpected happened: Trump’s X account posted an identical message. The odds of two social accounts being hacked simultaneously are lower, though not impossible. Some couldn’t resist and jumped in to buy the token immediately. Blockchain experts were quick to act, analyzing the domain, token address, and other clues mentioned in the post. They discovered that the domain was registered less than a month ago, suggesting a rushed decision to launch the token.

Additionally, the gas fees used for the token issuance came from two exchanges unavailable in the United States. Would a U.S. president really rely on foreign services to issue a cryptocurrency? Lastly, 80% of the $TRUMP tokens were concentrated in a single wallet—a classic "pump and dump" setup. Surely, a U.S. president wouldn’t use cryptocurrency to exploit supporters, right?

All signs pointed to this being unlikely behavior for an incoming U.S. president. Yet, as of writing this article, not only are Trump’s two social media posts still up, but even the First Lady, Melania Trump, has announced the launch of her own meme coin, $MELANIA. It turns out this was indeed a coordinated effort by the Trump couple.

I am not a fan of meme coins because they often blatantly lie. According to the description on the TRUMP token website:

"Trump Meme Coin was created to express support for the ideals and beliefs represented by the '$TRUMP' symbol and its associated artwork. It is not intended as an investment opportunity, investment contract, or any type of security. GetTrumpMemes.com is apolitical and not affiliated with any political movements, offices, or government entities."

In just two sentences, two falsehoods are laid bare. An incoming U.S. president launching a coin two days before his inauguration, using his personal brand and the slogan “Fight Fight Fight,” can hardly claim to be apolitical. Secondly, with 80% of the $TRUMP tokens locked, a two-year vesting schedule, and a three-year release plan, the tokenomics are fully fleshed out. To claim this token is not an investment is simply absurd.

However, I wouldn't go as far as to say that Trump is the root cause of the meme coin fiasco. Instead, he seems to be using this act to mock the Biden administration’s inability to regulate the meme coin phenomenon effectively.

From 1929 to 2025

Chris Dixon, author of Read Write Own, pointed out that poor regulation is the root cause of the meme coin chaos:

"It’s safer to launch a useless meme coin today than a useful token. It’s as if our securities market encourages meme stocks like GameStop while rejecting companies like Apple, Microsoft, and Nvidia from going public. This, to me, is a policy failure. Current regulations incentivize platforms to list meme coins rather than more functional tokens."

In recent years, the U.S. Securities and Exchange Commission (SEC) has frequently suppressed cryptocurrency development through litigation. Former SEC Chair Gary Gensler argued that strict regulation was necessary to protect investors. The strictest standard treats issuing cryptocurrencies the same as issuing stocks. Token issuers must adhere to corporate listing and stock issuance standards, and exchanges listing tokens must comply with securities exchange regulations. Many companies have been sued by the SEC—some chose to settle, while others opted to fight.

However, the stricter the SEC’s enforcement, the more room meme coins have to thrive. The crux lies in the criteria for defining securities. The SEC evaluates whether a token qualifies as a security based on whether there is an effort by its backers to create value. Ironically, tokens supported by diligent development teams are more likely to be deemed securities and face lawsuits. Meme coins, with no real developers and value determined purely by speculation, sidestep this scrutiny. Teams that issue tokens and then abandon development seem to avoid legal troubles. In effect, current policies inadvertently encourage memes while stifling innovation, increasing risks for investors.

Chris Dixon draws a parallel to the 1929 Great Depression, when pump-and-dump schemes were rampant in the U.S. stock market. The subsequent establishment of the SEC introduced new standards that resolved the chaos. The issue in 1929 was a lack of regulation; in 2025, it’s overregulation. Both extremes distort the market.

However, I believe Trump’s meme coin launch marks the last dance for meme coins, as his presidency is widely seen as the end of extreme regulation. Trump has appointed innovation-friendly David Sacks as the "AI and Crypto Czar," while new SEC Chair Paul Atkins is crypto-friendly, and incoming Treasury Secretary Scott Bessent even attended Trump’s pre-inauguration crypto ball. At the event, David Sacks declared"The reign of terror against crypto is over. America’s crypto innovation is just beginning." This moment feels akin to the SEC’s founding, signaling the dawn of substantive regulation for cryptocurrency and a fresh start for the market.

Do you believe that a U.S. president who launches a meme coin could lead cryptocurrency toward a healthier direction? Even I find it hard to reconcile.

Idealism

Recently, social media has been flooded with sentiments like:
"If even the U.S. president is issuing a meme coin, why should anyone take this seriously?"
Some have even claimed that developers dedicated to building blockchain applications are nihilists because they refuse to accept reality.

This reflects an inverted value system—those who are dedicated to serious development are labeled as impractical idealists, while speculative traders pride themselves on being pragmatic, believing they’ve mastered the rules of the market.

It reminds me of my trip to India last year. In Agra, a city that completely upended my perception of values, traffic lights exist, but only tourists seem to obey them. When you stop at a red light, the cars behind honk in protest, questioning why you’ve stopped. However, our Indian driver didn’t follow the crowd by running the red light. Instead, he chose to stop, even if it made him look foolish, and used the moment to explain this peculiar phenomenon to us. When the light turned green, he carefully navigated around those who had run the red light and continued on his way.

I believe the chaos surrounding meme coins tests everyone’s stance on cryptocurrency: Is it merely a speculative tool, or is it an innovative technology?

Much like the aftermath of the 1929 stock market crash, companies that genuinely create value for society ultimately prevailed. Unless you believe that cryptocurrency is destined to remain a speculative instrument, it stands to reason that under improved regulation, the projects that survive will be those solving real-world problems. I’m optimistic that Trump’s successful meme coin launch actually signals the end of the meme coin era—this might very well be the last viral meme coin to capture the spotlight.

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