TRUMP Token Gains Momentum After Trump’s Support: But Will It Last?
On social media Sunday morning, President Donald Trump gave his support to the Official Trump (TRUMP) token. The meme coin responded by increasing 7.7% to $11.67 during the day. However, it is still 84% behind its peak of $73.4 at the January debut.
I LOVE $TRUMP—SO COOL!!! The Greatest of them all!!!!!!!!!!!!!!!
Trump
According to Luis Buenaventura, head of crypto at GCash, the price action indicates that the market is no longer excited about the TRUMP token. Even though investors are aware of its potential for modest earnings in short periods of time, this is nonetheless the case.
Trump’s Crypto Endorsement Sparks Ethics Debate: Conflict of Interest?
The token’s value proposition is intrinsically related to Trump’s personal brand and continuous marketing, despite the website’s assertion that it is not meant to be an investment opportunity. Additionally, industry observers and ethical watchdogs have questioned the unique trend of a sitting U.S. president directly endorsing a cryptocurrency asset that serves his commercial interests. These actions have regrettably created a risky precedent for using public office for private financial advantage, according to Andrew Rossow, a digital media lawyer and CEO of AR Media, a global brand impact consulting organization.
Personal wealth undermines regulatory agencies such as the SEC and CFTC, eroding trust in impartial governance,
Rossow
According to Rossow, federal ethics laws forbid public servants from taking part in actions that put their private interests and public responsibilities at odds. Trump‘s involvement directly contradicts his duty as president and erodes public confidence in impartial governance, given the linked firms possess 80% of the token supply.
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