The Libra Scandal Shakes the Crypto World - Will $TRUMP Benefit from This?

When the Libra scandal shakes the world of cryptocurrency, traders are wondering if this is really beneficial for the price of certain coins in the virtual currency space, such as TRUMP coin or not. On the weekend, Argentine President Javier Milei went on X to promote a cryptocurrency called Libra, which is said to be aimed at fundraising for small businesses and startups in Argentina. However, right after Milei’s tweet, those involved quickly dumped the token, and it lost almost all of its value. Milei soon deleted this currency. Whether Milei participates in this plan or is deceived by unethical people in the project to promote this currency is still unclear. Cardano’s founder, Charles Hoskinson, said in a live video on Sunday that Milei has been deceived by advisors regarding this currency, possibly introducing it to him as an idea and comparing it to the TRUMP currency. While the Presidential Office declares that Milei has nothing to do with the development of cryptocurrencies, the opposition in Argentina is calling for Milei to be impeached. Meanwhile, a federal judge in Argentina is preparing to investigate the incident, news that caused Argentine stocks to plummet on Monday. This story has dominated cryptocurrency headlines this week and it’s not good news for the industry, which has been struggling to shake off the association with “crime” and “fraud” since its inception. Will this collapse bring any benefits to TRUMP Coin? With meme coins becoming the focus this week amidst the unfolding Libra scandal, will this truly act as a catalyst for TRUMP coin price increase? No chance. TRUMP coin has dropped more than 13% this week and most recently traded at $16.20, may soon retest the recent low of $14.

No relationship has been found between the creators of the TRUMP coin and Libra. However, a connection between Libra and MELANIA, the first lady’s meme coin, has been discovered.

Does that mean MELANIA is also waiting for a collapse? Its chart certainly looks like it has, with MELANIA’s most recent trades around $1.25, down over 90% from its all-time high of over $13 per token. However, issues related to virtual currency scandals like LIBRA could significantly reduce the value of MELANIA in the future. There is no evidence on-chain or elsewhere to suggest that TRUMP is also involved. However, that does not mean FUD ‘fraud’ will not harm the demand for TRUMP in the future. However, the TRUMP brand has such a great influence that most meme cryptocurrency traders may forget everything after just a few weeks. Just a few days of strong price increases could quickly see meme cryptocurrency traders FOMO back into the TRUMP coin.