U.S. District Judge Finds Donald Trump Guilty Of ‘Raping’ E. Jean Carroll Full view MANCHESTER, NEW HAMPSHIRE - APRIL 27: Former President Donald Trump speaks at a campaign rally on April 27, 2023 in Manchester, New Hampshire. Trump, who is currently dealing with a growing number of legal cases against him, is the Republican frontrunner for the Republican presidential ticket. (Photo by Spencer Platt/Getty Images)
Fartcoin and various other meme coins have increased in market value after Donald Trump beat Kamala Harris in this year’s presidential election.
Back in July, Trump pledged “to the bitcoin community that the day” he takes “the oath of office, [President] Joe Biden and [Vice President] Kamala Harris’s anti-crypto crusade will be over.”
“If we don’t embrace crypto and bitcoin technology, China will, other countries will,” he added. “They’ll dominate, and we cannot let China dominate. They are making too much progress as it is.”
Crypto enthusiasts have been anticipating a boost to the industry under a second Trump term, a sentiment reflected by a record Bitcoin valuation in early December.
Fartcoin, which launched in late October, peaked at a valuation of $836 million on Dec. 16.
It has surpassed Dogecoin, a meme coin with a dog mascot that surged in value after Trump developed a nongovernmental advisory group nicknamed DOGE.
Meme coin investors include bitcoin millionaires and people trying to get the chance to hit it big.
“All these kids are like, ‘All the good stocks are way too expensive. And houses? I can’t afford them,'” Omid Malekan, who teaches crypto at the Columbia Business School, told CNBC. “So ‘I’ll gamble on something that can ‘10x’ my money, and if I lose it all, who cares? I was screwed anyway.'”
Toe Bautista, a research analyst for crypto trading firm GSR, labeled meme coins as the riskiest kind of gambling.
“Because they’re worthless, you’re betting on the ‘greater fool,'” Bautista told NBC News.
On Dec. 4, Hailey Welch, otherwise known as the Hawk Tuah girl, launched her cryptocurrency, Hawk, but Dexscreener data showed that its value decreased by 91% within less than three hours.
According to Cointelegraph, Welch’s cryptocurrency was established on the Solana blockchain and initially had a market cap of $490 million.
Despite this, after the surge to 900% of its original value of $0.005492, Hawk crashed within hours of its launch to only $41.7 million.
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