Oh, what a spectacle! 🎪 Renowned U.S. entrepreneur Mark Cuban has let loose his frustration over President Donald Trump’s launch of the Official Trump meme coin just before his inauguration. What a time to be alive!
The Dallas Mavericks owner, known for his sharp wit and even sharper suits, has labeled this move as a major setback for crypto’s legitimacy. He suggests it’s not about ownership, but rather about promoting speculation, which is akin to dancing on the edge of a cliff without looking down! 😱
When Cuban Meets Trump’s Meme Coin: Fireworks Ensue!💥
The billionaire, a regular on the popular reality show “Shark Tank,” took to X on January 20 to express his disapproval of the President’s meme coin rollout. He didn’t hold back, calling it “self-serving” and “the biggest bunch of nonsense” he had ever encountered in crypto. Can you imagine?!
Cuban argued that such initiatives harm the industry’s reputation, turning it into a playground for risk-takers instead of a place where value is created. It’s like turning a library into a discotheque! Disco balls and books don’t mix, folks. 📚🎶
“This is the biggest bunch of self-serving Bullsh*t I have ever heard. In your world, there is no ownership. Just speculation,” he said, leaving no room for misunderstanding.
Moreover, the businessman hinted that the launch could open Pandora’s box for scammers targeting crypto newbies. And guess who wouldn’t be pleased with this development? The incoming head of the U.S. Securities and Exchange Commission (SEC), that’s who! 👮♂️
In his passionate tirade, Cuban also questioned the value proposition of meme coins like TRUMP, asking, “What is the utility for the buyer?” He went further to label such ventures as gambling in disguise, warning that they could damage efforts to validate cryptocurrencies. “Goodbye whatever hope the crypto industry had of legitimizing itself,” the 66-year-old declared.
He’s not the only one raising an eyebrow. Yesterday, former Coinbase CTO Balaji Srinivasan decried the speculative nature of meme coins, describing them as a “zero-sum lottery” that often ends in tears. Or, in this case, a price collapse. 😢
Since its introduction last Friday, the TRUMP token has been on a wild ride, going from a low of $6.24 to a high of $75.35 to achieve a market cap of more than $15 billion. But currently, it’s trading around the $38 level after losing more than half its value following the launch of the First Lady’s own meme coin, MELANIA. Talk about sibling rivalry! 🤣
Despite being the 28th largest cryptocurrency in the market and #3 among meme coins, with a market cap north of $7 billion, Cuban has floated the idea of creating a meme coin of his own, modeled on Trump’s but with a twist.
The TRUMP token was launched with 80% of its supply withheld by a company linked to the new occupant of the Oval Office. They’re set to be unlocked over the next three years, with any revenue derived from trading fees going into the company’s coffers. But Cuban’s proposal would see all revenue from the sale of his meme coin go to the U.S. Treasury to help offset the national debt. Talk about turning lemons into lemonade! 🍋🍋
In this way, he argues, he could turn the speculative nature of such assets into a mechanism for public good. Further, he stated that the wallet address would be public, allowing everyone to track the funds. Transparency, thy name is Cuban! 🕵️♂️
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2025-01-21 21:28