President Donald Trump recently made waves in the cryptocurrency world by promoting a meme coin, a move that has left many scratching their heads. While he’s pitched himself as a crypto-friendly leader, his decision to back a digital token with no real-world use has sparked concerns about ethics and judgment. Meme coins, often seen as the wild, speculative side of crypto, trade mostly on hype. Some turn out to be scams, with developers cashing out and leaving investors holding the bag. Trump’s $TRUMP and $MELANIA coins have safeguards to prevent such “rug pulls,” but skeptics aren’t convinced. One major issue is that 80% of the $TRUMP tokens are held by Trump-affiliated companies, raising questions about whether the project is designed to enrich the former president. Ethics experts have called this a glaring conflict of interest, with some arguing it undermines trust in government ethics overall. The timing is also awkward. The crypto industry has been working hard to shake its reputation for scams and speculation. Bitcoin and ether advocates want to focus on blockchain’s potential to transform finance, not on flashy but empty meme coins. Trump’s move risks setting that effort back, especially as his administration prepares to overhaul crypto regulations. Despite the controversy, some in the industry are cautiously optimistic. They hope this meme coin drama won’t derail progress on clearer crypto rules. After all, a pro-crypto administration might still be better than one led by skeptics like Gary Gensler, who has been a thorn in the industry’s side. For now, it seems the crypto world is holding its breath, hoping the focus will shift back to serious innovation—and away from the absurdity of meme coins.