Fast-Tracked Fame: The Rise and Fall of Trump's Meme Coin

Coinbase, a prominent crypto exchange, reassures users about its thorough vetting of new digital coins before they begin trading. This intricate process aims to safeguard customers by evaluating associated individuals and potential market manipulation risks.

However, in the case of President Donald Trump's meme coin, $TRUMP, Coinbase expedited its decision-making. This token, launched days before his inauguration, exemplifies value-less coins based on cultural trends. Despite inherent risks, it was rapidly adopted by major exchanges.

Reuters' analysis indicates most large exchanges listed $TRUMP unusually swiftly, raising questions about investor protection. Academics stress the implications of either hastened due diligence or regulatory oversight gaps. Despite the hype and initial surge, the coin's value has significantly declined, leaving investors with considerable losses.

(With inputs from agencies.)