New Administration Finds More Ways to Cash In Following $TRUMP Launch
As Donald Trump took the oath of office again, his circle, including Detroit pastor Lorenzo Sewell, wasted no time in capitalizing on their positions.
Sewell, a vocal supporter of Trump, introduced his own cryptocurrency, the Lorenzo Sewell coin, right after the inauguration.
Promising not to sell but to only earn fees, the coin’s value plunged by 93%, leading to significant losses for some investors.
Trump himself, no stranger to controversial ventures, introduced his own meme coin, $TRUMP. This came alongside $MELANIA, launched by his wife.
Both coins come with high risks, as stated on their promotional website, which warns buyers of potential substantial losses and strips them of the right to sue.
Currently, $TRUMP ranks as the third-largest meme coin globally, with Trump’s personal stake estimated at a staggering $28 billion.
This far exceeds his net worth prior to his venture into meme coins, indicating a massive financial gain from these risky investments.
This presidency has swiftly turned into a profit-making machine, where every association with the White House seems to be an opportunity to grab whatever is available.
Trump’s lackadaisical approach to governance focuses more on reaping the benefits of his position rather than on any political or social responsibility.
His influence is so potent that even major players in the artificial intelligence and cryptocurrency sectors are flocking to him, hoping to benefit from his administration’s lax regulatory stance.
Even Elon Musk has thrown considerable financial support behind Trump, looking to gain favorable outcomes for his business ventures.
However, the seemingly unstoppable train of profit and influence did hit a snag when Musk publicly challenged Trump’s announcement of a new AI joint venture called Stargate, hinting at possible cracks in what seemed to be solid alliances.
As this administration progresses, the blending of politics and personal profit is increasingly apparent, drawing both admiration and criticism.
What’s clear is that Trump’s presidency continues to be a polarizing whirlwind of controversy and opportunism.
