More voices in the crypto industry are criticizing the Trump family’s launch of memecoins just before the inauguration.
Trump's Crypto Venture Erodes Confidence in Digital Assets, Executives Say
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Memecoin Launches a ‘Blight’
Key voices in the crypto industry continue to criticize the Trump family’s launch of memecoins just before the inauguration. Many argue that the launch puts the entire crypto industry at a disadvantage, particularly when hopes are high that the U.S. will finally clarify its stance on digital assets. Rob Hadick, general partner at Dragonfly Capital, characterized the memecoin launches as a “blight” that builders will have to contend with going forward.
Hadick’s remarks expose growing fears among crypto executives that Trump’s association with these memecoins may harm the industry. As recently reported by Bitcoin.com News, some Americans believe Trump and his wife are using their influence to manipulate the crypto market, with many thinking the launch of $TRUMP is particularly harmful. Critics point to the steep decline in prices after Trump’s inauguration on Jan. 20 as evidence.
According to Coingecko data, on Jan. 21, the First Lady’s memecoin, MELANIA, was trading at just over a third of its value 24 hours earlier. Similarly, Trump’s own memecoin was approximately 40% lower than its Jan. 19 peak of around $72. Market watchers warn that the two memecoins will likely continue to decline, resulting in losses for some users.
Meanwhile, Gabor Gurbacs, director of digital-asset strategy at Vaneck, is a quoted in a report urging Trump to drop crypto advisors whom he blames for giving the U.S. President poor advice.
“Trump needs to fire his crypto advisors, from top to bottom and replace them with people who know what they are doing. The memecoins cost the US, the presidency and his family a lot of credibility and the consequences haven’t even started,” Gurbacs said in a statement shared via X.
Anthony Scaramucci, founder at Skybridge Capital LLC, said Trump’s apparent focus on memecoins “tells you everything you need to know” about the U.S. President. Caroline Mauron, co-founder of Orbit Markets, said no one had anticipated seeing the memecoin drama.
Mauron added: “I suppose a more conventional policy approach was expected — which may still be coming.”
