Gavin Newsom Proposes Creation of Meme Cryptocurrency as Satirical Jibe at Trump
California Governor Announces Competitor to President Trump's Meme Coin
California Governor Gavin Newsom has entered the world of cryptocurrency with a bold move, announcing plans to release his own meme coin. This new coin, named "Trump Corruption Coin," is a political parody or counter to President Donald Trump's meme coin, "Official Trump."
Newsom, known for his mocking of President Trump on social media, has been posting in Trump's signature style and using his language and famous phrases. The announcement of the meme coin was made on the Pivot with Kara Swisher and Scott Galloway podcast, where Newsom joked that "Trump Corruption Coin" would do better than President Trump's meme coin.
The meme coin will be based on the Solana blockchain, just like President Trump's meme coin, "TRUMP." As of Monday, TRUMP was trading for $8.42, according to CoinGecko, down from its all-time high of $73.43 following its January debut. The Trump family owns a significant portion of the WLFI token supply, valued today at nearly $6 billion. WLFI, the governance token of Ethereum-based World Liberty Financial, gave the project a valuation of over $26 billion following its debut on exchanges like Coinbase and Kraken.
TRUMP is the 77th biggest cryptocurrency with a market cap of nearly $1.7 billion. Meme coins are known for their extreme volatility and relatively short shelf lives. However, Newsom's initiative suggests direct competition or commentary on Trump's digital currency efforts.
Opposition politicians have criticized President Trump for his apparent conflicts of interest in his crypto ventures. Newsom referred to President Trump as "one of the great grifters of our time" and called the idea of a presidential meme coin "jaw-dropping."
The tweet announcing the meme coin can be found at https://twitter.com/GavinNewsom/status/1431430409786021890. While the specific effects on the Trump-Coin are not detailed, Newsom's initiative underscores the growing interest in cryptocurrency and its potential as a political tool.
