ANALYSIS | Trump's meme coin is a reminder of the dumbest use case of cryptocurrencies #TrumpCryptoOrder

President Donald Trump promised cryptocurrency investors that it would mark the beginning of an era of legitimacy for a sector that has long been relegated to financial obscurity, dismissed by some conventional investors as a highly speculative bet at best, or an elaborate Ponzi scheme at worst.

But days before his inauguration, Trump surprised many cryptocurrency supporters by selling a digital token known as a meme coin, an asset with no functional value that relies on hype and is a vehicle for scams known as “rug pulls” where the creators of the cryptocurrency suddenly abandon the project and the coin is left without liquidity.