David Edwards

Published On: 21/01/2025
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Memecoins surge in popularity, overtaking Bitcoin in search interest and market performance. Experts weigh in on the cultural and speculative trends driving this shift.
By Published On: 21/01/2025
Memecoins

Co-founder of Cost Plus Drugs Cuban proposed on January 21 to develop a memecoin based on the official token of former President Donald Trump. Cuban suggested that the $36 trillion US national debt be paid off with the entire coin’s sales profits.

“The wallet address would be public, allowing everyone to track the funds,” Cuban stated, emphasizing that the initiative could appeal to those already inclined to invest in meme-based tokens. “If you want to gamble, gamble. But at least use it to make a dent in the US debt,” he added.

The US Government’s Policy on Memecoins

Even though the US government has always been wary of cryptocurrencies, the recently elected administration has expressed some interest in the space. Before he left office, Donald Trump made his debut in the cryptocurrency space with the introduction of Official Trump (TRUMP), his official memecoin.

With her Official Melania (MELANIA) token, former First Lady Melania Trump has entered the memecoin space. The token’s market capitalization started at $6 billion but has since fallen sharply to about $800 million.

Can the National Debt Crisis Be Solved by Memecoins?

According to the US Treasury, the country’s debt is getting close to $36 trillion. Despite being humorous, Cuban’s suggestion emphasizes how serious the debt problem is.

Cuban’s suggested memecoin would only contribute a small amount—roughly 0.03% of the national debt—even if it were as successful as Trump’s token and held its value. Any actual influence would probably be significantly less given memecoins’ intrinsic volatility.

Although unlikely to be implemented, the proposal highlights the possibilities and constraints of crypto-based initiatives in tackling systemic economic crises and encourages discussion about innovative solutions to urgent financial problems.

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