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'Brazen grift': Trump ripped over crypto 'rugpull' scheme now valued at $32 billion

President-elect Donald Trump has now found yet another way to convince his followers to throw their money his way — this time with a questionable cryptocurrency venture.

Axios is reporting that the soon-to-be 47th president of the United States has rolled out a "meme coin" dubbed $TRUMP, which is being billed as the "only official Trump meme." According to Axios, $TRUMP has already accumulated a valuation of roughly $32 billion. And because the Trump Organization is keeping 80% of the coins, this means the president-elect and his businesses are roughly $25 billion richer as a result.

Techdirt writer Mike Masnick wrote on Bluesky that the meme coin's market cap topped $9 billion in less than 12 hours, and that it soon jumped to $15 billion just hours later. As of 1:30 PM Eastern Time, the coin is trading at nearly $30 per unit.

READ MORE: Experts warn Trump's plan to deregulate crypto will help terrorists and domestic extremists

"People are dumping like crazy and it's dropping fast," Masnick wrote early Saturday morning. "Noticing many large dollar sales, while buys are small amounts."

Journalist Judd Legum, who publishes the Popular Information Substack newsletter, called the meme coin a "brazen grift." And British novelist Hari Kunzru predicted that the Trump supporters who were eagerly buying the meme coin were in for a shock.

"Wake up to find that the incoming president is pumping a meme coin and is probably about to rugpull his followers and make several billion dollars," Kunzru wrote on Bluesky.

Matt Novak, who writes for tech publication Gizmodo, remarked that it was "crazy" that "the incoming president "launched his fake money right before taking office." He noted that this venture was different from his campaign's non-fungible tokens (NFTs) that he sold alongside pieces of the suit he wore while having his mugshot taken.

READ MORE: 'Must need the money': Trump roasted for selling pieces of suit he wore in GA mugshot

"I assumed this was more NFTs but it’s specifically a *fungible* asset meaning he’s selling his own crypto coin. On top of that, it has a crazy f—ing disclaimer and all the hallmarks of a f—ing rugpull," Novak wrote. "This is f—ing nuts."

The disclaimer Novak referred to in his skeet (the generally accepted term for a Bluesky post) openly tells prospective buyers that it is only meant to be "an expression of support for, and engagement with the ideals and beliefs embodied by" the president-elect. It goes on to warn that the coins themselves "are not intended to be, or to be the subject of, an investment opportunity, investment contract or security of any type."

Author Benjamin Dreyer was more direct in his criticism, telling his followers: "I have no idea what a fungible meme coin is, and if you attempt to explain it to me I’ll block you."

Click here to read Axios' article in full.

READ MORE: 'Melania grift': Incoming first lady hawks her Christmas 'collectibles' in Fox interview

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Trump said trial kept him from campaigning — but he’s using day off to dine with NFT buyers

After each daily break in his criminal trial proceedings, former President Donald Trump frequently complains that Judge Juan Merchan requiring him to be physically present is unfairly preventing him from being on the campaign trial. But on his days off, he's rarely seen campaigning.

"I'm sitting in a courthouse all day long, listening to this stuff," Trump said last week. "I'm supposed to be in Georgia, I'm supposed to be in New Hampshire, I'm supposed to be in Ohio and lots of other places."

However, Axios recently reported that Trump is spending Wednesday — in which trial proceedings are paused — not hitting the campaign stump in swing states, but having dinner with NFT (non-fungible token) buyers in Palm Beach, Florida. The publication further reported that the former president has no other events scheduled for the day.

READ MORE: 'Must need the money': Trump roasted for selling pieces of suit he wore in GA mugshot

A dinner invitation obtained by Axios shows that Trump will be meeting personally with people who bought at least 47 NFTs featuring his Fulton County, Georgia mugshot (buyers were also given pieces of the suit Trump wore when the mugshot was taken). The NFTs sold for $99 apiece, so the buyers given a personal audience with the former president will have paid at least $4700 apiece for the dinner.

NFT buyers who spent at least $10,000 on buying 100 or more NFTs were also invited to a VIP cocktail reception with Trump to take place prior to the dinner. The VIP attendees will receive a piece of the suit as well as a part of the tie Trump wore.

"Images on the NFTs range from the mugshot itself to an illustration of Trump in a cowboy hat to a cartoonish image of an ultra-fit Trump with lightning bolts in his hands and 'America's Superhero' written underneath," wrote Axios' Sophia Cai.

One NFT buyer named Jordan (who asked for his last name not to be used) isn't even able to vote. He's flying from his home of Winnipeg, Canada to Florida for the event, telling Axios that he saw the meeting as simply "an opportunity to meet President Trump."

READ MORE: 'He really wants to hurt people': Anthony Scaramucci calls Trump a grifter worse than most

Trump's trial proceedings will continue on Thursday, and will pick up where it left off with adult film star and director Stormy Daniels' testimony. Daniels — born Stephanie Clifford — was brought onto the stand this week to recall her sexual encounter with Trump at a casino hotel in Lake Tahoe, and recalled that Trump offered her a role on his reality show, The Apprentice, implying that she would be cast if she slept with him.

The former president will likely not face any other trials prior to Election Day. Department of Justice special counsel Jack Smith's two federal trials are on hold, after the classified documents trial was indefinitely postponed by Trump-appointed U.S. District Judge Aileen Cannon on Tuesday. The Supreme Court has also put the DC election interference case on ice as it weighs its response to Trump's argument of absolute criminal immunity for official acts committed as president. The Court is unlikely to rule on that case before its term ends in June.

Additionally, Trump's election interference trial in Georgia will almost certainly not happen before the election, after the former president's interlocutory appeal of Fulton County District Attorney Fani Willis being allowed to remain on the case was granted. That appeal will likely take several months before a conclusion is reached, and if the appellate court sides with Willis, a trial date will still likely not be set until several months later.

READ MORE: 'This is what it has come to': MSNBC host laughs at Trump selling sneakers for quick cash

Click here to read Axios' report in full.

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