Cathie Wood Shuns Trump Coin, Favors Established Cryptocurrencies Instead

Cathie Wood Shuns Trump Coin, Favors Established Cryptocurrencies Instead

Cathie Wood has publicly stated that she won’t put her money into the recently launched Trump Coin. She described it as a”meme” coin without any value.
In an earlier conversation in a recent interview with Bloomberg, Wood expressed scepticism regarding the coin that was unveiled just prior to the inauguration of Donald Trump in the office of President 47th United States.
Wood spoke of the speculation-based nature of the Trump Coin, noting that the only apparent benefit is the possibility for its owners to get to know President Trump. Wood stressed that there’s no information about the value of the coin, describing it as an expression of Trump himself.
Trump Coin Trump Coin saw a dramatic 11,000% increase in value within a short time after its introduction, which led to a rise of 30% in the volume of meme coin transactions and a total of $17.98 billion over a week.
In contrast, Wood indicated that ARK Invest will continue to focus on more established cryptocurrencies, particularly Bitcoin, Ethereum, and Solana.
She also spoke about the ICO movement. Wood made connections between the meme coin trend of 2017 and the first coin offerings (ICO) movement in 2017, suggesting that although some traditionally-based crypto communities looked at ICOs as negative, they nevertheless gained a significant amount of attention in the field of cryptocurrency technology.
According to the blockchain analytics firm Chainalysis Chainalysis, chainalysis claims that Trump Coin and another token called that is the Official Melania Meme (MELANIA) are controlled primarily by 40 crypto whales.
They control around 90% of the overall token supply and have wallets that hold at least $10 million in tokens.
Despite the fact that wealth is concentrated between a select few owners, Chainalysis reported that the introduction of these tokens brought an influx of new users to the cryptocurrency space, and many created wallets the day that they bought their goods.