Trump and Melania accused of running "pump and dump scheme" with back-to-back memecoin launches

01/20 04:50

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Donald Trump and his team are facing accusations of running a "pump and dump scheme" after the launch of two memecoins, TRUMP and MELANIA, which added billions of dollars to their net worths. Commentators have criticized the move, with some describing it as unseemly behavior and others suggesting that it has destroyed Trump's credibility. The launch of MELANIA led to a 38% fall in the value of TRUMP, and the wider crypto market has also experienced a fall in prices. Despite the criticisms, TRUMP and MELANIA have attracted significant trader attention and now have a combined market cap of over $16 billion.

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