Stephen Findeisen, widely known as Coffeezilla, has once again taken aim at a high-profile crypto project, this time targeting Donald Trump’s newly launched meme coin. In his latest YouTube exposé, Findeisen labeled the project a calculated attempt to enrich insiders at the expense of Trump’s loyal supporters, just days before his inauguration as U.S. president.
The Launch of Official Trump Coin
Donald Trump’s new meme coin, aptly named Official Trump ($TRUMP), launched amidst significant fanfare and political hype. Backed by Phantom, a major non-custodial cryptocurrency wallet, the coin quickly amassed a market cap of $13 billion. However, Findeisen argues that its intrinsic value remains negligible and its fees—already surpassing $12 million—highlight its speculative nature.
Trump previously entered the crypto space with the World Liberty Financial (WLFI) token in collaboration with his sons. The timing of this latest project, unveiled mere days before the inauguration, has raised eyebrows, with critics like Findeisen calling it a cynical cash grab.
Key Concerns Raised by Coffeezilla
Insider Ownership and Lack of Transparency Findeisen revealed that 80% of the coin’s total supply is held by Trump’s camp, with only 20% made available to the public. Of this public allocation, half was allocated to a liquidity pool, leaving just 10% for general investors. The ownership structure for the remaining 80% remains opaque, with vague references to entities such as "CIC Digital 1, 2, 3."
Lock-up Periods and Insider Profits Insider holdings will be gradually unlocked over three years, strategically aligning with Trump’s presidency. This setup, according to Findeisen, ensures that insiders profit massively while the general public bears the financial risk.
Conflict of Interest Findeisen lambasted Trump for leveraging the presidency to promote a meme coin, calling it an "unprecedented conflict of interest." He accused the former president of using his political platform to enrich himself and his associates under the guise of engaging the crypto market.
Ethical Concerns with Trump’s Crypto Ventures Trump’s involvement in the crypto space has drawn scrutiny in the past, particularly regarding the WLFI token, which allegedly enriched the Trump family without delivering tangible value to investors.
Trump’s Crypto Legacy and Broader Implications
The Trump family’s influence on the crypto market has already been significant. Trump famously took credit for Bitcoin’s surge past $100,000 following his nomination of Paul Atkins as SEC chair. He also holds substantial Ethereum assets, valued at up to $5 million, which have appreciated since his election.
The SEC, under Atkins, is expected to introduce crypto-friendly regulations that could further boost token values, particularly those tied to Trump’s ventures like WLFI and Official Trump. These changes could result in substantial financial gains for Trump and his family, potentially amounting to hundreds of millions of dollars.
Criticism and Future Backlash
While the Trump meme coin’s launch has been met with enthusiasm from his supporters, critics like Coffeezilla predict mounting backlash. Findeisen speculates that Trump’s camp may downplay or distance itself from the project if public criticism intensifies.
For now, the Official Trump coin stands as a symbol of the intersection between politics and crypto, raising questions about ethics, transparency, and the growing influence of meme culture in digital finance.
