US President Donald Trump and his wife Melania launched two memecoins that quickly gained billions in market value. However, within a week, the value of the tokens dropped by 60%, resulting in a loss of about $10 billion in market cap. Critics argue that Trump has made a mockery of the crypto industry while profiting from it, but economists say he has not violated any laws. Forbes estimates Trump's net worth at $6.7 billion, but a report from Axios reveals his crypto holdings reached $58 billion, making him one of the world's 25 richest individuals. Trump appeared to distance himself from the memecoin project when asked about it at a press conference. The token's supply is mainly controlled by a Trump-affiliated company, with only 200 million out of 1 billion tokens released into the market so far. Trump's wealth has significantly increased since his re-election, with his net worth rising by $865 million. He is also set to receive a majority of the revenues from World Liberty Financial.



Other News from Today