The $TRUMP meme coin, linked to Donald Trump, experienced a significant value drop of 64% after its initial launch, from an all-time high of $75 to near $27. Trump's admission of minimal involvement aggravated the decline, leading critics to label it a scam. Despite initial excitement that drove the token's market cap to $10 billion, skepticism persisted among industry experts. Observers like Danny Scott and Anthony Scaramucci viewed the coin as a gambling-related venture, showcasing the inherent volatility of cryptocurrency markets, particularly those associated with public figures.
"Trump's comments about not knowing much about the coin back up my opinion that he is making a mockery of the industry," said Danny Scott.
"It's a gambling token," stated Anthony Scaramucci, emphasizing the coin's volatile nature and likening it to a form of gambling.
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