Last weekend, the leader of the free world decided he wanted to take his “grifting” a tad too far by launching a meme coin. It was an action so absurd yet very fitting of Donald Trump, the man who calls himself ‘crypto president.’
He called the token TRUMP, because of course he did. It was beautiful. It was everything. I remember getting the flurry of notifications about it and thinking, “No way. Surely not. He did not.” But oh he did. And I am not sure how to feel when admitting that I was one of the people who quickly invested when the coin was below $20.
Six hours later, it surged to $35, which was wild. But by midnight, it was at $80 and my initial investment had quite literally quadrupled. The rush was unfathomable. Everyone was riding higher than crackheads in the 80s. But then something happened, something the crypto community calls “greedy” and “dumb” among other things.
You see, even as TRUMP added nearly $30 billion to the president’s wealth while making his enemies, the Democrats, red with rage, it just wasn’t enough for our hero. He wanted more, or so we think, because these are all allegations after all.
Not even four hours after TRUMP had hit an all-time high and our bags were drooling with profits, I got a notification for a “repost” from @realDonaldTrump on X. It was for a post from the First Lady Melania Trump who has also launched her very own meme coin, MELANIA.
“How bizarre,” I thought. But again, like other hundreds of thousands of degens in the community, I too invested in MELANIA. It was a reflex actually. I kept my TRUMP and got MELANIA, and I was happy. But what I and the rest of us did not take into account was that we were probably gonna get rugpulled.
And rugpulled, we got! You see, a lot of investors (mostly the big ones) saw MELANIA as a chance to pull out of TRUMP, jumping ship so fast and plunging the token from $75 to $52 that very same day.
We all ignored the glaring red flags, like the fact that Melania held nearly 90% of the supply, unlocked. And that the melaniatrumpmemes website itself was poorly-made, and way too quickly.
Now everyone in the community is practically calling for Melania’s head on a spike. We believe she took an entire Utopia away from us. The MELANIA token hit $11 quickly then plunged to $3 twenty-four hours later and has been chilling around $2 ever since.
society if melania never dropped a token pic.twitter.com/4EouvVHNbs
— meechie (@973Meech) January 25, 2025
It, of course, took TRUMP down with it because who wants to feel bullish on your token when your wife just blatantly stole hundreds of millions from investors and you are yet to say a word about either token? So TRUMP has been under $30 for days now. There are way too many short sellers now. I, personally, had to take my funds out of both tokens after losing 90% on MELANIA and over 60% on TRUMP.
The entire community hates Melania now. To put it into perspective, one X user said: “There’s a world where melania never launches and everyone believes in something again rather than everyone becomes a PvP maniac scrapping for the last bit of liquidity they can get.”
$20K 24 hour volume on MELANIA
Absolutely COOKED pic.twitter.com/JIsCQWctB7
— Sonder (@sonder_crypto) January 25, 2025
Another went deeper and painted that Utopia I was telling you about. He said, “If Melania token never dropped, there would’ve been a media firestorm over Trump breaking $100 igniting a supply crisis and further flywheel effect, Bitcoin would be $150K today and Trump would be bragging about his coin every press conference, even joking that it could be part of the Digital Asset Stockpile, all of us would be redefining our targets daily cause there is just no top, mathematically impossible for the price to go down. You’re actually sick of winning, a thousand other political memes arise, your net worth looks like a phone number, so you call it and when they answer instead of saying hello they say ‘higher.’”
And they’re right. That’s what the so-called ‘crypto president’ took from us. Another user said, “I think the truth about $TRUMP will come out at some point here in the future. The truth being that Melania token was never a part of the plan, it was a completely rogue element that derailed a momentous moment. I’ve seen some good proof now that my initial suspicions were correct about where it even came from. The question is now, when will that story come out? Not for my bag’s sake, but for everyone who got cooked on Melania.”
Everything has been shit since Melania token launched
— Wizard Of SoHo (🍷,🍷) (@wizardofsoho) January 24, 2025
“The world was a much better place before the Melania coin,” said one guy. As for the short sellers, one said, “I just 5x shorted MELANIA. It seems like the easiest token to short. If it goes under $1, I’ll make over $300K. Liquidation is $4.22. Godspeed!” Yeesh!
This other guy said, “How much y’all wanna bet Trump didn’t even want to launch this shit but Melania kept bothering him for her own token?”
The thing about it is it doesn’t matter how many pro-crypto laws Mr. Trump dumps on us. Doesn’t matter how many crypto lovers are in his corner or how many times he says “I love Bitcoin.” Melania might have just cost him the degens, the very same people who drive this market right now.
But if we’re being honest with ourselves, the president doesn’t care. He has the elites on his side, doesn’t he? We’re seeing Brian Armstrong, Justin Sun, Arthur Hayes, Charles Hoskinson, among others, all rally behind him ride or die. One thing they all have in common is they’re in it for the profits, just like Mr. Trump.
If crypto was only about believing in absolute financial freedom, and making society’s life easier without the profits, the guy who’s sitting in the Oval wouldn’t be signing an order for a Bitcoin national reserve.
Trump is a businessman. He loves money way too much, and he’s told us that way too many times quite literally his whole life. He doesn’t care if he loses a couple billions. He’s already a billionaire. And crypto isn’t his only focus, is it? He’s only gonna get richer. He doesn’t care about the little guy in crypto. The one that worked hard for every penny of the $1000 or $2000 invested in him and his wife’s meme coins.
The only powerful person in crypto who consistently looks out for the little guy has always been the legendary creator of Ethereum, Mr. Vitalik Buterin. This genius has been warning us against blindly following Trump for months and his peers (namely Brian and Charles) have mocked him for it.
He doesn’t stop though. He still tweets out at the community and he still advises us and tells us to stop being too profit-hungry, which tracks because he’s also the only crypto founder who has never once personally cashed out on his creation. I, for one, am glad he exists even if my people find him extremely annoying most times.
As for Mr. Trump, he’s likely gonna do this again. They’ll probably launch $ERIC or $BARRON next, and the degens (purely in character) will probably trust him again, and we’ll probably get burned again. Why, you might wonder? Why are we so dumb?
Well I can’t speak for all my people, but me, it’s the rush. It’s the power of believing in something way bigger than you, of being a part of it. It’s about freedom and taking back control. See those guys on Wall Street? They hate that we have this.
They hate that we could open up our phones and turn $2000 into $8000 in a blink of an eye, which is something they’ve been doing for decades. We all know they hate retail investors and they hate crypto, no matter what they’re saying now (hint, hint: Larry Fink).
Wall Street giants like Warren Buffett now have one more reason to mock crypto. One more reason to not take Bitcoin seriously, to put it and all of us down. Jamie Dimon, for one, wouldn’t shut up about this. He’s making it about us being idiots, because well, he cannot criticize Trump, now can he? Agree or not, MELANIA and TRUMP have taken away a little bit of Bitcoin’s legitimacy.
And Trump is not gonna be president forever. Anything he does can so easily be undone by the next guy or woman, just as he’s doing to his predecessor right now. Remember that next time you want to jump up and down and yell “In your face!” or “I told you so!” to crypto critics when Trump makes a crypto-friendly order. Do remember that.
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