The cryptocurrency TRUMP Coin, issued by Trump on January 2025, quickly triggered market turmoil. On its first day, the token's market value soared to $4 billion, later surpassing $50 billion, with a price surge of 1250% up to $21 at one point, but it plummeted by 50% within a week, highlighting its high volatility and speculative nature. 80% of its supply is held by Trump-associated companies and requires a three-year unlocking period, raising concerns about conflicts of interest and market manipulation risks, which could even violate the anti-corruption clauses of the U.S. Constitution, leading to legal lawsuits and regulatory controversies. Although TRUMP Coin boosted the rise of mainstream cryptocurrencies like Bitcoin, its siphoning effect resulted in the depletion of liquidity in other cryptocurrencies, disrupting the market ecosystem. Notably, Asian investors (especially the Chinese trading community) became the main beneficiaries due to time zone advantages, while U.S. retail investors, due to compliance restrictions and delayed entry, became the 'bag holders.' In the long run, Trump's behavior of blurring the lines between politics and business through coin issuance may exacerbate regulatory uncertainties and ethical controversies in the crypto market, potentially undermining the traditional financial order.