Donald Trump recently launched a meme coin on Solana Network that has got everyone talking. Freshly after launching it, Melania launched her own coin to add more wood to the fire.
Just as you'd expect, the meme coins surged to astronomical heights in a few hours and if you bought early, you probably earned a decent chunk of profit. I suspect Melania coin will also do the same in a few days.
I've never been a fan of meme coins. I think these shit coins are the antithesis of everything hard working crypto projects are trying to achieve.
Every attempt by Leofinance or VSC project to bring real world applications to crypto get undone immediately by the release of a shit coin. It is almost like a factory reset button but instead of a refresh, everyone just returns to ape.
The crypto industry has always been regarded as a joke and while Donald Trump is the president of the USA, it's safe to say that he's not exactly a "serious" person.
It's strange to see how a country as powerful as the USA couldn't find any erudite intelligentsia or at least someone that doesn't sound like a kindergartner to be the President. To be fair to Trump and his supporters though, the alternative was Kamala, so I don't blame you.
Moving away from politics, I find it strange that people on social media are lapping up this whole Trump coin thing. I fear it's going to do a 180 and bite them in the ass.
Meme coins are designed to slam the last fool holding and I'm guessing most of the "investors" are also aware of this. However, knowing Trump, he'd probably use this as a means to point out how dumb the crypto market is.
I can already see the orange man making a speech saying "the crypto market is stupid. I made millions of dollars over a silly coin I decided to make while in the toilet. Do you really think that's the future of finance? I think not". My version has big words that Trump might not be able to use but the point is, he's going to tank the market.
The crypto market doesn't need more meme coins. They serve no purpose, offer no short or long term potential and have no intrinsic value other than being objects for pure speculation.
Trump coin or any other meme coin is as useless as the one before it and the one after it. These useless coins aren't going anywhere and as long as they exist, projects affiliated with crypto will also never make it out of the echo chamber.