Billionaire investor and television personality Mark Cuban threw a subtle dig at President Donald Trump’s newly launched meme coin on Monday, saying that he too can consider launching a similar project but with a major twist.
What Happened: In a series of tweets, Cuban proposed issuing a meme coin, similar to the Official Trump (TRUMP) token, with a 20% supply open for public trading and following the same unlock schedule.
The difference? All revenue from the sale of these coins would go directly to the U.S. Treasury. For transparency, Cuban proposed making the details of wallet addresses public.
“If you want to gamble, gamble. But at least use it to make a dent in the U.S. debt,” the “Shark” said.
U.S. debt has ballooned past $36 trillion, with interest payments exceeding $892 billion in fiscal year 2024. The gravity of the issue could be gauged by the fact that the U.S. accounts for 34.6% of global debt.
The idea was countered by a widely followed X user going by the pseudonym artchick.eth, who argued that issued by celebrities will not benefit holders in the long run.
Cuban agreed with these assertions, stating that only a few meme coin projects like Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) have been successful, thanks to community engagement.
See Also: Trump Names Uyeda Acting SEC Chair, Regulators Get Ready For Crypto Makeover
Why It Matters: Cuban’s statements follow the hysteria sparked by Trump’s memecoin project, which soared to billions of dollars in market price over the weekend, only to plummet on the day of the presidential inauguration.
The Trump memecoin was followed by an official memecoin from First Lady Melania Trump, which similarly crashed after the initial frenzy.
Cuban has previously stated that he is not a fan of memecoins, calling them a “game of musical chairs with money.”
Price Action: At the time of writing, TRUMP was exchanging hands at $34.50, crashing 42.43% in the last 24 hours, according to CoinMarketCap. MELANIA token tanked 62.88% in the last 24 hours.
Image via Flickr
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