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Trump’s Crypto Gambit: Ross Ulbricht’s Pardon and the Meme Coin Phenomenon Spark Industry Gratitude and Debate

The Trump family and their meme coins
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In an important move fulfilling his campaign promise, President Donald Trump has granted a full and unconditional pardon to Ross Ulbricht, the founder of the Silk Road darknet marketplace. This decision has been met with widespread approval within the cryptocurrency community, which had long advocated for Ulbricht’s release, viewing his life sentence as excessively harsh for a non-violent offense.

In tandem with this development, President Trump and First Lady Melania Trump recently introduced two meme-based cryptocurrencies, $TRUMP and $MELANIA. The launch of these tokens generated significant activity in the crypto market. As of January 22, 2025, the market capitalization of the two Trump-related meme coins is as follows:

  1. $TRUMP: Approximately $8.5-10 billion
  2. $MELANIA: Approximately $1.3-2 billion

These meme coins have had a significant impact on the Trump family’s net worth:

  • Donald Trump‘s net worth was estimated at $6.7 billion before the coin launched. The $TRUMP coin alone could potentially add billions to his net worth, as 80% of the tokens are owned by CIC Digital, an affiliate of Trump’s business, and another entity called Fight, Fight, Fight.
  • Melania Trump‘s personal net worth was previously estimated at $50-70 million. The $MELANIA coin could substantially increase her wealth, though exact figures are unclear.

However, the introduction of these meme coins has elicited mixed reactions within the crypto industry. While some traders capitalized on the initial surge in value, others expressed concern that such ventures might undermine efforts to legitimize digital assets, viewing the move as a potential cash grab that could tarnish the industry’s reputation.

Despite these concerns, the crypto community’s overall response to President Trump’s recent actions suggests a complex relationship. The gratitude for Ulbricht’s pardon indicates appreciation for the administration’s attention to issues pertinent to the industry. However, the reception of the meme coins underscores the community’s desire for responsible and substantive engagement with digital assets, highlighting the need for balanced approaches that support innovation while maintaining credibility in the financial sector.

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