President Donald Trump’s memecoin, $TRUMP, has reached a market worth of over $7 billion. Whereas a number of distinguished figures within the crypto trade have criticized President Trump’s memecoin launch, Cathie Wooden, CEO of ARK Make investments, has come ahead to defend $TRUMP memecoin.
Cathie Wooden Defends $TRUMP
.@ARKInvest CEO and CIO Cathie Wooden says we don’t know if President Trump’s memecoin holds a lot utility, however Trump is “ushering within the subsequent part of the crypto revolution.” She speaks with @scarletfu, @kgreifeld and @EricBalchunas on “ETF IQ” https://t.co/YbD2ANk8TA pic.twitter.com/pxlEjL3ZUA
— Bloomberg TV (@BloombergTV) January 22, 2025
In a current interview, Wooden acknowledged that though the sensible utility of $TRUMP stays unclear, the previous president is spearheading what she described as the following stage of the cryptocurrency revolution. Wooden clarified that her private portfolio consists solely of “three main mainstream cryptocurrencies” i.e., Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), and that she doesn’t intend to purchase $TRUMP. Nonetheless, she emphasised that she doesn’t view the memecoin negatively, suggesting that it could have sensible worth sooner or later as a part of the evolving crypto trade.
Wooden highlighted that $TRUMP is a part of the broader memecoin motion. One reported utility of the token is that holders would possibly achieve the chance to satisfy the previous president. Nonetheless, additional particulars in regards to the token’s use instances are but to be disclosed.
Moreover, Wooden expressed confidence in decentralized finance (DeFi), or what she known as “Finternet,” predicting vital progress within the sector. She recognized Ethereum and Solana as foundational pillars of this motion.
$TRUMP, $MELANIA Controversy
The launch of $TRUMP, together with Melania Trump’s memecoin, $MELANIA, has sparked blended reactions throughout the crypto neighborhood and and even led to the rise of faux tokens, together with one deceptively named after Trump’s son, $BARRON. Whereas some whales rapidly acquired the tokens, many trade insiders criticized the transfer as opportunistic. Among the many responses was a proposal from former Coinbase CTO Balaji Srinivasan, suggesting that $TRUMP may function a social contract between Republican voters and President Trump.
When it comes to market efficiency, $TRUMP is presently buying and selling at $37.95, reflecting a 7.9% decline. The 24-hour buying and selling quantity has dropped by 57.6%, now standing at $9.2 billion.
Courtesy: Coinmarketcap
In the meantime, $MELANIA is buying and selling at $3.40 after a 14.14% decline, with a market cap of $1.6 billion.
