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Billionaire Mark Cuban claimed via social media that he wants to make his own meme coin but would donate the proceeds to the US Treasury.
Cuban has been mocking the trend of rug pulls on social media, and he may have made this offer in jest. However, if his asset is created, it may join the wave of scammers all the same.
Mark Cuban Examines Meme Conis
Mark Cuban, billionaire entrepreneur and TV personality, is looking into growing meme coin space. Trump’s inauguration has heralded a new era for crypto, with $2.2 billion in inflows, and optimism is high. Since the TRUMP and MELANIA tokens have taken the market by storm, Cuban suggested via social media that he could join the space too:
“If meme coins are the way, maybe I’ll issue one. With a twist. Same terms as TRUMP. 20% float. Same release schedule. One difference. All the revenue from the sale of the coins go to the US Treasury. The wallet address will be published so everyone can track it. If you want to gamble, gamble. But at least use it to make a dent in the US Debt. You in?” he said.
On the surface, this claim holds up; for one, the US Treasury accepts personal donations like this of any size. Additionally, although Cuban has previously criticized the industry, he has still supported friendly regulation. If some sort of Mark Cuban meme coin does come to pass, it could play out exactly how he described it.
However, there is an intensifying fear of rug pulls in the meme coin space right now, and some commentators worry that Cuban could join it. However, in the last weekend, Trump-adjacent figures have been carrying out rug pulls left and right. In a particularly egregious example, a pastor who spoke at his Inauguration launched a sketchy meme coin today.
A survey claims that many TRUMP purchasers are totally new to the space, but this meme coin wave is big enough to undercut liquidity in other market sectors. This is a dangerous formula: totally naive people are entering the space in huge numbers, largely based on celebrity endorsements. In other words, it’s an ecosystem ripe for scammers.
Ultimately, Mark Cuban hasn’t even confirmed that he will launch a meme coin, let alone misuse it. In fact, he has been consistently scathing in his social media criticism about this rug pull wave, saying that it is throwing away crypto’s hope of legitimizing itself. In other words, he may have said this only as mockery, not a real offer. In any event, tensions are high.