David had it right yesterday. TRUMP is more than just a memecoin.
In an Empire Livestream yesterday night, co-host Santiago Santos said that the launch was a success. “sets the tone,” Sincerely, I am in agreement.
“One of Trump’s superpowers is that he has the unbelievable ability to read the room at scale, and he has a really good sense of what people want from him and what’s going to resonate with people,” Blockworks founder Mike Ippolito spoke on stream.
In relation to recent launches of memecoin, I have seen and heard a number of comparisons with ICOs in 2017. This comparison is valid, but I’d like to draw a different conclusion today.
As the events unfolded, I quietly watched markets to see if Trump had a coin. I was unable to help but compare the Covid memestock craze with that of GameStop’s momentum stocks (IYKYK).
Although I know it’s not an exact comparison, the excitement and hunger over the past weekend has brought me straight back to 2021.
TRUMP is not a Reddit poster that caused the snowball to spread. He’s a very different person from GameStop CEO Ryan Cohen both in celebrity and authority.
The way that people interacted was very clear. Many people told me that they bought Trump tokens purely for the “vibe” (and in the hopes of generating some wealth generationally).
The lack of communication from Trump or his team regarding the token gave me weird flashbacks — when people took cryptic tweets Cohen’s account as a surefire sign that he was going to make GameStop great again.
Santos believes that had Trump’s team been more transparent there may have been a difference in the reaction to the MELANIA coin (ICYMI: TRUMP’s stock dropped after Melania’s token was revealed before recovering a bit).
It’s possible that there was a setback no matter what. People were sure to be confused about what in the world happened.
Ippolito worries that the crypto industry is losing some of its hard earned trust. It’s not clear whether that is the case or not, but the conversations I had this weekend with non-crypto folks suggest they have trouble looking beyond the meme.
The positive side: “Crypto is showing how much legs it has in terms of being a new capital market,” Ippolito said. This is TRUMP’s most intriguing aspect. Maybe, as the team behind Trump’s token told Jason Yanowitz in an interview, it is true that the token represents a movement.
This whole story has sparked conversations on the possibility of more tokens of this type, whether they are political or celebrities. However, we must also keep the dialogue about possible effects on crypto open.
Memes have their place in crypto. We must not be the meme.
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