Trump-inspired memecoins like TRUMP and MELANIA are gaining traction, fueled by Binance’s BNB Chain releasing a simple guide to help users create their own tokens. The seven-step guide, promoted by Binance founder Changpeng Zhao, aims to democratize memecoin development. Zhao even encouraged potential creators, saying, “I might even know a consulting team if you are serious.”
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Ethical and Legal Concerns Emerge
As memecoins rise in popularity, legal and ethical questions loom. Crypto lawyer Aaron Brogan highlighted that memecoins are difficult to regulate due to their lack of utility, but their association with prominent figures like President Trump complicates matters. “No court in the U.S. has explicitly deemed memecoins legal, and their connection to political leaders adds layers of scrutiny,” Brogan told Cointelegraph.
ETFs Could Push Memecoins Mainstream
The excitement extends beyond individual tokens, with memecoin-focused ETFs under SEC review. Applications for ETFs tracking DOGE, TRUMP, and BONK are drawing scrutiny. Critics argue that these tokens lack inherent value, yet proponents believe approval is imminent. “It’s hard for the SEC to deny a memecoin ETF launched by the President,” said one industry expert.
As Trump-inspired memecoins like TRUMP and MELANIA gain traction and Binance empowers users to create their own tokens, staying informed is essential for investors looking to navigate this rapidly evolving landscape. Investors can track their favorite cryptocurrencies on TipRanks. Click on the image below to find out more.
