Recently, the crypto community has been abuzz with talk of an “official Trump coin” amid Donald Trump’s enthusiastic endorsement of crypto as a U.S. presidential candidate.
This development follows numerous meme coins created in Trump’s name over the past few months as he vies for the presidency with the backing of crypto enthusiasts. While many of these coins were created in jest, others were designed to solicit crypto donations for Trump’s campaign.
Notably, a new meme coin called RTR has recently been launched, inspired by Trump’s “Restore The Republic” slogan and his promise to make America a hub for cryptocurrencies if elected.
The developers of RTR are now promoting their coin as “the official Trump coin,” sparking interest and debate within the crypto community.
What Purpose Could an “Official Trump Coin” Serve?
For clarity, there is no official Trump coin. Amid the buzz, many are questioning why an “official Trump coin” should even exist at all.
Neeraj Agrawal, an official at Coincenter, sparked a lively discussion on social media platform X by asking what the point of an “official Trump coin” would be.
Crypto analyst EllioTrades argued that politics has become a kind of “cult” in this current crypto cycle, where people are betting on trends rather than fundamentals. “Is there a bigger cult to bet on than politics,” he asked rhetorically.
Mike, another prominent analyst, suggested that it is the “speculation that it doesn’t go to zero, so someone can send it there.”
Angel investor Zack Voell confirmed this sentiment, stating that the purpose of an “official Trump coin” would be the same as the unofficial ones that have already been created: to facilitate pump-and-dump schemes for quick profits.
Eleanor Terrett, a respected Fox Business journalist within the crypto community, also chimed in. She sarcastically suggested that if an official Trump coin were to exist, it should have some utility beyond being just another meme coin. Given the Trump family’s real estate background, she speculated that it could perhaps be a Trump-branded real estate token.
I don’t know for sure but I’d imagine they’d want it to have some kind of utility and not just be a meme coin as there’s already so many PoliFi tokens out there. If I had to guess — the Trump family built its fortune and name on real restate — so maybe it’s some kind of… https://t.co/LxNur9plPY
— Eleanor Terrett (@EleanorTerrett) August 9, 2024
According to data from Arkham, Donald Trump has a crypto portfolio worth over $3 million, which is largely denominated in various meme coins. Notably, the portfolio was worth nearly $10 million a few months ago.