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US President Donald Trump has faced criticism for launching a meme-coin, TRUMP, despite admitting he "doesn't know much" about cryptocurrency.

The digital coin appeared on Trump's social media accounts ahead of his inauguration on Monday and quickly gained traction, reaching a peak value of $75 per coin within a day. However, its value has since dropped to $39.

The coin's launch, described as a "meme-coin" – a type of cryptocurrency with no intrinsic use other than for fun or speculation – has drawn widespread disapproval from industry experts.

Danny Scott, CEO of CoinCorner, voiced his opinion, saying, "Trump's lack of knowledge about the coin only reinforces my belief that he’s mocking the crypto industry. This feels like a stunt."

The coin's latest price dip followed Trump’s comment to reporters, where he downplayed its success, stating, "I don't know much about it other than I launched it and that it was very successful." When informed his coin had raised billions, he shrugged it off, saying, "Several billion – that's peanuts for these guys," referring to the tech billionaires present at a press conference on AI.

Meme-coins often attract speculative investments or fan support for celebrities or viral internet moments, but Trump’s coin is sparking mixed reactions in the crypto community.

This isn't Trump’s first venture into the world of cryptocurrency. In 2022, he profited from launching NFTs of himself in various superhero poses.

While some analysts argue that Trump’s meme coin could set a precedent for future ventures in crypto, such as using it for capital formation and customer engagement, others remain skeptical. Jeff Dorman, from investment firm Arca, commented, "TRUMP token has shown that crypto can now serve as a mechanism for capital formation."

Despite the coin's immediate success, there’s a strong sense of negativity surrounding it. Many within the crypto community are looking for Trump to fulfill his campaign promises to support the industry. Last year, he pledged to make the US the "crypto capital of the planet." However, only a few days into his presidency, there has been no executive action on cryptocurrency, nor has he addressed it in public speeches.

TRUMP coin is currently valued at around $8 billion, ranking as the 25th most valuable cryptocurrency on CoinMarketCap. With Trump and his team owning 80% of the coins, they stand to profit significantly if they choose to sell, provided the price remains stable.

Despite this, crypto analysts from K33 have expressed concern about the token's structure. "These tokenomics are a disaster for a meme-coin," said David Zimmerman, a K33 analyst. However, they noted that the 80% held by Trump and his team is unlikely to be dumped on the open market, offering some protection to investors from price volatility.

While the coin continues to stir controversy, the broader crypto industry is still awaiting substantial action from President Trump to support its growth in the US.

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