The storm surrounding the Trump coin: Demand for an investigation into suspected massive fraud

A new storm in the cryptocurrency world in the United States. Democratic Senators Elizabeth Warren and Richard Blumenthal have appealed to the chair of the U.S. Securities and Exchange Commission (SEC) with a demand to open an investigation into the TRUMP cryptocurrency, which is associated with U.S. President Donald Trump.

According to the senators, there is a suspicion that this is a move similar to a "rug pull," a tactic where the value of a digital currency rises following a marketing campaign and public hype, and subsequently, stakeholders sell their holdings, leaving other investors with heavy losses.

According to the allegations raised, the currency was launched shortly before Donald Trump's inauguration in 2025 and gained significant exposure, partly after large investors were offered the opportunity to participate in a special event at the White House. Since then, the currency's price has plummeted by approximately 97%. The senators claim that about one million investors lost a total of about 3.8 billion dollars, while parties close to the project allegedly raked in about 636 million dollars.

In addition, the lawmakers are requesting an investigation into whether insider information was used or whether statements related to the president artificially influenced the currency's price.

The White House rejected the allegations against Donald Trump and claimed that this is a political move against the president. Sources close to Donald Trump emphasized that he acts in accordance with the law and that his assets are managed through external trusts. At the same time, the currency launched by his wife Melania Trump, MELANIA, has also lost about 98% of its value.

The affair is reigniting the debate surrounding the risks in the Memecoin market, where value is often influenced primarily by public hype and the power of a brand or a well-known person, rather than necessarily by a stable economic foundation.