President Donald Trump’s memecoin, $TRUMP, has reached a market value of over $7 billion. While several prominent figures in the crypto industry have criticized President Trump’s memecoin launch, Cathie Wood, CEO of ARK Invest, has come forward to defend $TRUMP memecoin.
Cathie Wood Defends $TRUMP
.@ARKInvest CEO and CIO Cathie Wood says we don’t know if President Trump’s memecoin holds much utility, but Trump is “ushering in the next phase of the crypto revolution.” She speaks with @scarletfu, @kgreifeld and @EricBalchunas on “ETF IQ” https://t.co/YbD2ANk8TA pic.twitter.com/pxlEjL3ZUA
— Bloomberg TV (@BloombergTV) January 22, 2025
In a recent interview, Wood stated that although the practical utility of $TRUMP remains unclear, the former president is spearheading what she described as the next stage of the cryptocurrency revolution. Wood clarified that her personal portfolio consists only of “three major mainstream cryptocurrencies” i.e., Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), and that she does not intend to buy $TRUMP. However, she emphasized that she does not view the memecoin negatively, suggesting that it may have practical value in the future as part of the evolving crypto industry.
Wood highlighted that $TRUMP is part of the broader memecoin movement. One reported utility of the token is that holders might gain the opportunity to meet the former president. However, further details about the token’s use cases are yet to be disclosed.
Additionally, Wood expressed confidence in decentralized finance (DeFi), or what she referred to as “Finternet,” predicting significant growth in the sector. She identified Ethereum and Solana as foundational pillars of this movement.
$TRUMP, $MELANIA Controversy
The launch of $TRUMP, along with Melania Trump’s memecoin, $MELANIA, has sparked mixed reactions within the crypto community and and even led to the rise of fake tokens, including one deceptively named after Trump’s son, $BARRON. While some whales quickly acquired the tokens, many industry insiders criticized the move as opportunistic. Among the responses was a proposal from former Coinbase CTO Balaji Srinivasan, suggesting that $TRUMP could serve as a social contract between Republican voters and President Trump.
In terms of market performance, $TRUMP is currently trading at $37.95, reflecting a 7.9% decline. The 24-hour trading volume has dropped by 57.6%, now standing at $9.2 billion.
Courtesy: Coinmarketcap
Meanwhile, $MELANIA is trading at $3.40 after a 14.14% decline, with a market cap of $1.6 billion.
