Trump Declares That His Memecoin Is The Greatest: The Price Soars

The American president Donald Trump has boosted the value of his official crypto ($TRUMP) after publicly endorsing it on social media. This direct promotion of an asset held 80% by his affiliated companies raises significant ethical and constitutional questions.

The $TRUMP crypto rises after the president’s support

On Sunday morning, Donald Trump praised the $TRUMP token on his social network TruthSocial. At 10:33 AM Eastern time, he sent a message: “I LOVE $TRUMP! So cool! The best of all!!!!!!!!!!!!!“

This statement immediately triggered market reactions, driving the token’s price above $12.25.

This crypto, based on the Solana blockchain, recorded a 7.7% increase over the day, reaching $11.67, according to CoinGecko data. However, despite this rise, the token remains down 84% from its all-time high of $73.4 set at its launch in January.

Luis Buenaventura, crypto head at GCash, indicated to Decrypt that this price evolution reflects limited market enthusiasm for this token, even though investors perceive its potential to generate short-term profits.

Major ethical and constitutional concerns

This direct presidential support for a crypto asset in which he indirectly holds a significant stake raises serious ethical questions. According to the project’s official documentation, the president’s affiliated companies, CIC Digital LLC and Fight Fight Fight LLC, collectively control 80% of the total token supply.

Andrew Rossow, a lawyer specializing in digital media, identified three major constitutional issues related to this situation:

1. The Emoluments Clause (Article 1, Section 9) prohibits a sitting president from receiving financial benefits without Congressional approval. The anonymous structure of token purchases could allow foreign actors to exert undue influence.
2. The separation of powers (Article II, Section 3) is compromised when the president promotes a financial product tied to his personal wealth, undermining the authority of regulatory bodies like the SEC and CFTC.
3. The equal protection provisions of the Fifth Amendment could be violated if preferential treatment is given to certain tokens, creating unequal competition conditions in the cryptocurrency market.

This initiative is part of a broader strategy by President Trump, who promised during his campaign to make the United States a global leader in crypto. His plans include the establishment of a strategic bitcoin reserve and a reform of American monetary policy.

Earlier this month, World Liberty Financial, another decentralized financial project associated with the Trump family, generated approximately $390 million in revenue through its second series of token sales.

Representatives of President Trump did not immediately respond to requests for comments on these issues. Meanwhile, the U.S. Congress is preparing the MEME Act aimed at prohibiting political officials from issuing or promoting cryptos.