2025-01-21 06:40:40 by Benzinga

Billionaire investor and television personality Mark Cuban threw a subtle dig at President Donald Trump’s newly launched meme coin on Monday, saying that he too can consider launching a similar project but with a major twist. What Happened: In a series of tweets, Cuban proposed issuing a meme coin, similar to the Official Trump (TRUMP) token, with a 20% supply open for public trading and following the same unlock schedule. The difference? All revenue from the sale of these coins would go directly to the U.S. Treasury. For transparency, Cuban proposed making the details of wallet addresses public. “If you want to gamble, gamble. But at least use it to make a dent in the U.S. debt,” the "Shark" said. U.S. debt has ballooned past $36 trillion, with interest payments exceeding $892 billion in fiscal year 2024. The gravity of the issue could be gauged by the fact that the U.S. accounts for 34.6% of global debt. 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…— Mark Cuban (@mcuban) January 20, 2025The idea was countered by a widely followed X user going by the pseudonym artchick.eth, who argued that issued by celebrities will not benefit holders in the long run. Cuban agreed with these assertions, stating that only a few meme coin projects like Dogecoin DOGE/USD and Shiba Inu SHIB/USD have been successful, thanks to community engagement. We agree. It's why Doge, Shibu Inu and only a few others have worked. It's about the community long term. I'm not saying buyers won't get rekt. I said it was gambling. It's a game of musical chairs. No promises. No pumps by me. Just complete transparency— Mark Cuban (@mcuban) January 20, 2025See Also: Trump Names Uyeda Acting SEC Chair, Regulators Get Ready For Crypto Makeover Why It Matters: Cuban’s statements follow the hysteria sparked by Trump’s memecoin project, which soared to billions of dollars in market price over the weekend, only to plummet on the day of the presidential inauguration. The Trump memecoin was followed by an official memecoin from First Lady Melania Trump, which similarly crashed after the initial frenzy. Cuban has previously stated that he is not a fan of memecoins, calling them a "game of musical chairs with money." Price Action: At the time of writing, TRUMP was exchanging hands at $34.50, crashing 42.43% in the last 24 hours, according to CoinMarketCap. MELANIA token tanked 62.88% in the last 24 hours. Image via Flickr Read Next:  Trump’s DOGE Committee Faces Lawsuits Over Alleged Federal Advisory Violations, Lack Of Transparency Market News and Data brought to you by Benzinga APIs© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.