Trump fuels meme coin deluge as Coinbase CEO says there’s 1 million new cryptocurrencies created every week
Trump fuels meme coin deluge as Coinbase CEO says there’s 1 million new cryptocurrencies created every week
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Marketing is struggling to cope with influx of new cryptocurrencies. Donald Trump’s recently launched meme coin forms part of a massive influx of crypto tokens to the market that the industry is struggling to cope with, leading figures have warned. Coinbase CEO Brian Armstrong, who heads one of the world’s largest cryptocurrency exchanges, revealed that around 1 million new tokens are being created every week.
The unprecedented surge in memecoins and so-called shitcoins have made it impossible to evaluate each new token on an individual basis, the tech boss revealed, meaning new methods are needed for listing and regulating crypto assets. “High quality problem to have, but evaluating each one by one is no longer feasible. And regulators need to understand that applying for approval for each one is totally infeasible at this point as well (they can’t do 1m a week).”.
Trump launched his $TRUMP meme coin just days before entering the White House last week, triggering significant market volatility as investors anticipated whether or not he would introduce the pro-crypto policies he had promised during his campaign. The first action was taken on the fourth day of his presidency, with an executive order establishing a cryptocurrency working group tasked with overhauling digital asset regulations.
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