US President Donald Trump has been criticised for launching a meme-coin while saying he “doesn’t know much” about the cryptocurrency.
The digital coin called TRUMP appeared on his social media accounts ahead of his inauguration on Monday and quickly became one of the most valuable crypto coins. The value of a single coin shot up to $75 within a day, but since has fallen to $39.
But the launch of the so-called meme-coin – a cryptocurrency with no utility other than for fun or speculation – has been widely criticised by industry insiders.
“Trump’s comments about not knowing much about the coin back up my opinion that he is making a mockery of the industry. It’s a stunt,” says Danny Scott, CEO of CoinCorner.
The latest dip in value came after Trump told reporters: “I don’t know much about it other than I launched it, other than it was very successful.”
When he was told his coin raised several billion dollars for him, he played it down…
