Scaramucci Criticizes Donald Trump's Meme Coin Launch: 'Idi Amin-Level Corruption'

Anthony Scaramucci has expressed his disapproval of President-elect Donald Trump‘s newly launched meme coin TRUMP (CRYPTO: TRUMP), labeling it “corruption.”

What Happened: On Saturday, Trump announced the launch of his official “$TRUMP” meme coin. The coin, which was developed by Solana (CRYPTO: SOL), has received a substantial market response, with its price escalating from $0.18 to $26.95, marking a 253.75 percent increase in just 24 hours.

The coin’s market cap then reached to a staggering $5.39 billion.

Responding to the launch of TRUMP meme coin, Scaramucci criticized the venture on X and referred to it as “corruption” and “bad for the industry.”

This is not Trump’s first foray into selling merchandise featuring his image. He has previously sold items such as digital trading cards, high-top sneakers, T-shirts, and Bibles.

Also Read: Scaramucci On Trump Win: ‘I Got It Wrong, I’m Not Going To Whine About It’

His niece Mary Trump has accused him in the past of “grifting” through the sale of such merchandise. The meme coin was launched just days before Trump’s inauguration as president.

Why It Matters: The launch of the “$TRUMP” meme coin and its subsequent market response is indicative of the growing influence of cryptocurrencies. However, the criticism from Scaramucci, a former aide and industry insider, raises questions about the ethical implications of such ventures.

This incident underscores the need for clear regulations and transparency in the cryptocurrency industry to prevent potential misuse and ensure investor protection.

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