As the cryptocurrency community digests President-elect Donald Trump‘s controversial launch of the Official Trump (TRUMP) meme coin, author and investor Robert Kiyosaki has shared a skeptical view on the development.
The ‘Rich Dad Poor Dad’ author limited his comments on the coin but offered a general perspective on cryptocurrency, stating that the sector as a whole is evolving into a “farce,” straying from its initial purpose as the future of finance, he said in an X post on January 19.
With the unveiling of celebrity-endorsed tokens like TRUMP, which lack significant underlying fundamentals, Kiyosaki argued that the sector is becoming tyrannical.
Picks for you
“What do I think about TRUMP COIN? Not much. Unfortunately, the whole crypto world is becoming a “tranny” transforming from the “future” to a farce,” Kiyosaki said.
The financial educator also used the opportunity to emphasize his investment philosophy, anchored in tangible assets like gold, silver, and Bitcoin (BTC), while dismissing other products such as exchange-traded funds (ETFs).
Indeed, Kiyosaki remains bullish on these three commodities, projecting they are ideal stores of wealth, especially during his forecast of an impending market crash.
TRUMP launch controversy
On January 17, Trump surprised the cryptocurrency and the financial world in general by announcing the launch of TRUMP in what he described as a celebration.
The coin launched on the Solana (SOL) network experienced a meteoric rise within hours, surging by about 30,000% to peak at $75 on January 19.
However, TRUMP later suffered a significant correction, losing almost 50% of its value and dropping to $40 at one point before recovering.
The drop was attributed to investors redirecting capital to another new meme coin launched by incoming First Lady Melania Trump, MELANIA, which also recorded a meteoric rise.
TRUMP’s price recovery emerged in the wake of news regarding the continued listing of the coins on major trading platforms. Robinhood (NASDAQ: HOOD) is among the latest platforms to announce the listing, joining other exchanges, including Bitget, KuCoin, and Kraken.
The coin’s structure—80% of its supply reportedly held in Trump’s wallet and no lockup period—has raised ethical concerns about potential market manipulation and a “rug pull.”
To this end, cryptocurrency scam investigator Stephen Findeisen (Coffeezilla) criticized the setup and speculated that incoming regulators might protect the project from legal scrutiny.
Overall, given Trump’s pledge to spearhead cryptocurrency growth in the United States once he assumes office, his decision to roll out a highly speculative asset with no underlying value has elicited questions about its impact on more established entities like Bitcoin.
TRUMP price analysis
As of press time, TRUMP was valued at $57, dropping nearly 9% in the past 24 hours. Its market capitalization was about $11.45 billion.
The sudden surge in TRUMP’s value and recovery since Sunday’s dip suggests potential for further growth, driven by any hype surrounding Trump’s January 20 inauguration.
Like all other meme cryptocurrencies, the coin remains precarious due to the volatility associated with such an asset. However, as the first meme token launched by a U.S. president, it remains to be seen which direction the coin will ultimately take.
Featured image via Ben Shapiro’s YouTube.
