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The memo behind these meme coins is embedded in a style of trading plagued with issues. Industry insiders held nearly 90% of the coin's allocation, while only about 10-15% was available for public trading, raising serious concerns about market manipulation. The origins of Trump’s meme coin announcement were shrouded in skepticism even within the crypto community, as many initially believed it was a hoax. With over $200,000 reported as a loss by entrepreneur Dave Portnoy, the sentiment echoed throughout the day—investors were in distress due to their financial decisions based on the allure of celebrity-led cryptocurrencies.