14% of Americans invest in Trump memecoin amid controversy

A recent study reveals that 14% of Americans have purchased Donald Trump’s memecoin, TRUMP (CRYPTO:TRUMP), since its launch on January 17.

The survey indicates a significant interest in this cryptocurrency, despite a decline in appeal just before Trump’s inauguration.

Interestingly, TRUMP has attracted three times more buyers than Melania Trump's memecoin, MELANIA (CRYPTO:MELANIA).

The research conducted by NFT Evening and Storible surveyed 1,092 Americans and found that a substantial 42% of those who bought either token are first-time crypto investors.

This trend suggests that these memecoins may serve as an entry point into the cryptocurrency market for many newcomers, driven by their political connections and novelty.

On inauguration day, findings showed that a majority of buyers for both tokens were profitable, with approximately 86% of MELANIA buyers in profit compared to 81% for TRUMP.

However, the performance of these tokens has sparked controversy within the crypto community.

Critics argue that Trump is leveraging his political influence for personal gain, with over half of survey respondents believing the Trumps are manipulating the crypto market.

The report noted that nearly 75% of participants feel the launch of TRUMP is detrimental to the overall crypto market.

“Among this group, 98% have refrained from purchasing TRUMP,” indicating a clear divide between enthusiastic investors and those wary of potential risks.

As the cryptocurrency landscape evolves, the implications of political figures entering this space raise ethical questions regarding market manipulation and investor protection.

The rapid rise in value and subsequent volatility of these memecoins highlight the speculative nature of such investments, which often lack intrinsic value beyond their branding.