“It’s just crazy — you can see the energy here,” says Tom Trowbridge, stepping into a cab in Washington, D.C., the morning after attending the 17 January crypto ball.
Speaking to MONIIFY via video call, Trowbridge, a veteran of the blockchain space and CEO of Fluence, wanted to contextualize the frenzy.
And there was plenty to explain: Donald Trump had just announced the launch of his own memecoin, $Trump, during the party — though he didn’t show up in person.
Within 48 hours, the token skyrocketed from pennies to $75, amassing a market cap of $14.5 billion and cracking the top 15 most valuable cryptocurrencies.
“If you want this industry to be seen as serious and credible by institutions, a memecoin pop doesn’t help at all,” Trowbridge was clear.
A vibe shift
This was supposed to be a triumphant moment for the crypto community. Trump was on the cusp of becoming the first US President to openly champion blockchain technology, promising deregulation, and innovation.
Instead, the launch of $Trump ignited a firestorm of criticism. Social media erupted with debates among influencers, thought leaders, and industry veterans.
Anthony Scaramucci, Trump’s former White House Communications Director, is not mincing his words. “The Trump meme coin stuff is bad for the industry,” he said, likening it to “Idi Amin-level corruption.”
Scaramucci argued that the launch opened the door to bribery, allowing anyone to curry favor with a sitting president by “essentially depositing money into his account directly.”
Others were equally scathing. A prominent crypto YouTuber called the move insider trading, while another asked Bitcoin’s pseudonymous creator, Satoshi Nakamoto, for forgiveness.
Memecoin movers rejoice
Not everyone was critical. Eric Trump, Donald’s son, as expected, celebrated the token on social media, calling $Trump “the hottest digital meme on earth.”
He doubled down on claims that World Liberty Finance, the Trump family associated crypto project, would revolutionize global finance.
Murad Mahmudov, a long-time memecoin advocate, seized the moment. “Welcome to the Memecoin Supercycle,” he posted, echoing his prediction that 2025 would bring unprecedented attention to speculative tokens.
Binance co-founder Changpeng “CZ” Zhou struck a more neutral tone. Recently released from a US prison after crypto-related charges, he weighed in: “Crypto is volatile… (Volatility can be both bad and good).” In Nov. CZ said memecoins were getting a little weird now.
Another crypto ball attendee, Daniel Spuller of the Blockchain Association in D.C., tempers expectations, calling $Trump “highly speculative.” While acknowledging the short-term gains, Spuller tells MONIIFY, “Don’t bet more than you’re willing to lose.”
Still, for some, the launch represented more than just another memecoin.
Nick Tomaino, a crypto VC, acknowledged the move as “predatory” and likely to cause harm to inexperienced investors. Yet he also saw it as a signal of transition from Biden’s anti-crypto era to a Trump administration that could potentially rejuvenate the sector.
Bye Biden
Eric Voorhees, a crypto OG who famously battled the SEC for nearly a decade, offered a more nuanced take. “Trumpcoin is stupid and embarrassing,” he said.
“But Trumpcoin is also a signal of a sea change in US fintech policy towards much more permissive innovation. Both are true.”
For Voorhees and others who had endured the regulatory chokehold of the Biden years, the shift in policy was deeply personal. Trowbridge, whose own company was de-banked in the US, echoes this sentiment as he reflected on the surreal week.
“This moment is personal,” he says, stepping out of his cab en route to another meeting. “Memecoins will always exist — they’re great. But it clouds the gravitas the industry was looking for. Then again, maybe it helps the industry get attention overall. I don’t know.”
Trowbridge’s uncertainty is symbolic of how the crypto community remains divided as Trump’s inauguration looms.
On one side are those who saw and continue to see $Trump as an embarrassing distraction. On the other hand, a growing faction has embraced it as a harbinger of mainstream acceptance.
What’s certain is that $Trump may be just the beginning of a much larger — and wilder — story.
Edited by Ankush Chibber. If you have any tips, ideas or feedback, please get in touch: talk-to-us@moniify.com
