It's a terribly bad rug pull and I think this looks horrible for Trump to be involved in something like this where he's obviously profiting.
Anyone else have a better explanation of this that makes more sense?
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The price action is not a surprise. Whole lot of hype, and then reality sets in. Just because the name Trump is in it, isn't going to make it valuable.
My understanding is also that this is a project by Baron, not POTUS.
And don't forget the Melania coin, exact same pattern.
Crypto has no intrinsic value, it is only worth what somebody is willing to pay for it.
Look at the start of dogecoin in 2021, it had the same pattern. Back in December, 3.5 years later it finally made the same high, and has been in a downward trend again since.
How could it be the same pattern? Melania never went anywhere because of Solana network fuckups. It's possible that at $2.60 right now Melania is the most profitable coin in the world to get into.
Look at the hourly chart, it went down a little then spiked up and then dumped. Exact same pattern.
Are you aware most people were unable to buy because the solana network couldn't handle the unprecedented traffic? Trump only went "down" (still up over 100x) after the Melania release. All the Trump holders were trying to buy Melania and it smoked the whole system.