Donald Trump's recent decision to launch meme coins during his inauguration celebrations has stirred discontent in the cryptocurrency community, with critics labeling the move a cash grab. Many industry participants who previously supported Trump in hopes of a favorable regulatory environment are disappointed, feeling that this action undermines efforts to legitimize digital currencies. While some enthusiasts initially drove the value of the meme coin above $70, the lack of intrinsic value and the perception of untrustworthiness have led to skepticism and a significant price drop thereafter.
Trump's unveiling of his own meme coin during a lavish 'Crypto Ball' was perceived by many in the cryptocurrency community as a cash grab, undermining efforts to legitimize digital assets.
Many in the crypto community felt deflated after the announcement, with some expressing disappointment in a move they perceived as untrustworthy right after a strong show of support for Trump.
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