Mark Cuban, the billionaire owner of the Dallas Mavericks basketball team, announced Friday that he was considering issuing a meme coin with a structure similar to President Donald Trump’s $TRUMP crypto project.
The $TRUMP coin has a 20% floating rate. Only 20% of the total supply or 1 billion tokens were made available at launch. Trump, his family, and other related companies kept the remaining 80%.
This method controls the supply in order to increase or stabilize the value of the coin. The remaining 80% will be unlocked over a period of three years to prevent a sudden sale and possible price crash.
Mark Cuban’s Meme coin to send proceeds to US Treasury
Cuban stated that his meme project will follow the $TRUMP model, but with an added twist: All proceeds from coin sales would be sent directly to the US Treasury. He promised transparency by saying that the wallet address will be made public so anyone can track the funds. He said that participants can treat it like a game of chance, but they will still reduce the US debt.
Cuban also stated that the launch of the meme coin was simple. In the past he has supported meme coins and especially Dogecoin. He called its community “the most powerful” for using Dogecoin as a means of exchange. He also revealed that he owns $494 in DOGE. Dallas Mavericks basketball team has also accepted Dogecoin in the past for tickets and merchandise.
Trump’s Solana Token Drops by 22% after Initial Surge
Over the weekend, Trump launched a meme coin on the Solana Blockchain , which generated billions of dollars in trading volume. fell on Monday, before his inauguration. However, there was a slight rebound. The token’s price was $35.29 on Tuesday with a $7.05b market cap. It had dropped 22% in the last 24 hours.
Trump and related entities such as CIC Digital LLC, Fight Fight Fight LLC, and Fight Fight Fight LLC hold 80% of the supply. It raises questions about potential conflicts of interest since Trump can influence crypto regulations as president. The coin uses Trump’s image to appeal to meme enthusiasts and his supporters. The coin cleverly combines political backing and crypto speculation.
