The truth about Trump's daughter launching a memecoin
Ivanka Trump has criticized the fake memecoin IVANKA, users should be careful to avoid losing money.
Is it Trump's daughter's turn to launch a coin?
Yesterday (January 23), Ivanka Trump spoke out to expose a memecoin named after her, claiming it was fake and could pose risks to investors. Trump's daughter clarified on X:
"I have just received information about a fake crypto coin named Ivanka Trump or IVANKA being promoted without my approval. I affirm that I have no connection with this coin. Fake tokens risk deceiving users and stealing your money, and the unauthorized use of my name and image is a violation of my rights."
Ivanka's legal team is currently reviewing and will take steps to prevent the misuse of her name.
IVANKA appears to have been released on the Ethereum blockchain in May 2024 and is worth less than $0.01, with a market capitalization of about $252,400 and a circulation of more than 420.6 billion coins, according to CoinMarketCap.
Trump family coin issuance history
This comes after her parents, President Donald Trump and First Lady Melania Trump, launched their own coins, Official Trump (TRUMP) and Melania Meme (MELANIA).
Meanwhile, a meme coin with Barron Trump's name and image was also released on the Solana blockchain in July 2024, with a market capitalization of around $133,000, but no member of the Trump family has acknowledged any connection to the token.
TRUMP's appeal is different. The meme quickly reached a market capitalization of $15 billion just two days after its launch, but it has also been volatile. TRUMP has fallen nearly 10% in the last 24 hours of trading, down to $35.73, with a market capitalization that has also split in half to $7.1 billion.
On the same scale, Melania Trump's official meme, MELANIA, fell even further, dropping 27.5% on Thursday, to below $2.70, with a market capitalization of $474.4 million. The token is down nearly 50% from its peak on Monday.
Ivanka's brothers, Donald Trump Jr. and Eric Trump, are also behind the DeFi project World Liberty Financial, which launched its WLFI token sale in October 2024.
Public opinion after the coin's launch
The appearance of two memes of Donald Trump and First Lady Melania Trump right before his inauguration has created many mixed opinions.
Nic Carter, co-founder of Castle Island Ventures, called the coin's launch "unprecedented stupidity". An anonymous lobbyist also called it “a bad image” for the crypto industry, which is trying to prove “we are not a bunch of crooks, frauds, and scammers.” Messari founder Ryan Selkis even called on Donald Trump to fire the person who advised him to continue launching MELANIA.
According to Shark Tank star Mark Cuban, President Trump’s memecoin not only erodes public trust in crypto, but also poses a major obstacle for the industry in legalizing and creating a professional image. That is why the billionaire intends to launch a memecoin but use all the revenue from token sales to reduce the US national debt.
The latest criticism comes from Vitalik Buterin, who believes that TRUMP and MELANIA have crossed the ethical line. The father of Ethereum, a political token in general, can facilitate bribery, especially when used by foreign countries to influence politics.
Senator Elizabeth Warren and Representative Jacob Auchincloss then frankly said that the politician's token not only creates a conflict of interest but also facilitates foreign interference in the President.
However, not everyone is against political coins, as evidenced by David Sacks, a crypto and AI advisor at the White House, who sees Trump's memecoin as a mere collectible.
