The confrontation between Elon Musk and former President Donald Trump over Trump's 'One Big Beautiful Bill' has created a new wave in the cryptocurrency world, leading to the emergence of the Solana meme coin named Kill Big Beautiful Bill.
Elon Musk publicly criticized this bill, claiming it undermines the efforts to cut spending that he had achieved with the Department of Government Efficiency (DOGE), an initiative proposed after taking office, aimed at significantly reducing U.S. spending. On Wednesday, Musk posted an image related to the movie 'Kill Bill', promoting a movement to block Trump's bill.
The rapid response from the crypto community turned this idea into reality with the launch of the KBBB meme coin on the Pump.fun platform. This token quickly achieved a market capitalization of $53.12 million within the first nine hours, before dropping by about 30%. Traders seized the opportunity, with some making significant profits.
The controversy between Musk and Trump is not limited to social media. Trump's 'One Big Beautiful Bill', which passed the House of Representatives, is projected to add $2.4 trillion to the national deficit over the next decade, far exceeding the spending cuts achieved by DOGE. Musk has consistently criticized this bill on social media platforms, asserting that it 'defeats every cost-saving measure that the DOGE team achieved.'
This event highlights the significant influence of public figures on the meme coin market, where political controversies can quickly transform into volatile trading opportunities.
Investing in cryptocurrency carries high risks due to significant price volatility.