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Billionaire Mark Cuban, owner of the Dallas Mavericks, mentioned on Friday that he is considering launching a meme coin, similar to President Donald Trump’s current crypto initiative, $TRUMP.
The meme initiative will incorporate phrases akin to those used by the $TRUMP coin, which features a 20% float. At its inception, only 20% of the total supply, or 1 billion tokens, was made available, while Trump, his family, and affiliated companies retain the remainder.
This strategy regulates supply to stabilize or potentially increase the coin’s value. Additionally, the remaining 80% of tokens will be released over a three-year period, preventing a sudden sell-off and a possible price decline.
Mark Cuban’s Meme Coin to Direct Proceeds to US Treasury
Cuban indicated that his meme initiative would follow the $TRUMP coin model but with a distinctive feature: all proceeds from the coin sales would be directed to the US Treasury. He promised transparency, stating that the wallet address would be disclosed so that anyone could track the funds. He emphasized that while participants could view it as a project, they would also contribute to reducing the US debt.
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If meme coins are the trend, perhaps I’ll issue one. With a twist. Same terms as $TRUMP. 20% float. Same launch schedule. One difference.
All the revenue from the sale of the coins will go to the US Treasury. The wallet address will be revealed so everyone can track it.
If…— Mark Cuban (@mcuban) January 20, 2025
Furthermore, Cuban stated that launching the meme coin would be straightforward. He has previously shown support for meme coins, particularly Dogecoin, referring to its community as “the strongest” for utilizing it as a medium of exchange. He has also disclosed owning $494 worth of DOGE. Additionally, his basketball team, the Dallas Mavericks, has previously accepted Dogecoin for merchandise and tickets.
Trump’s Solana-Based Token Falls 22% After Initial Surge
Meanwhile, President Trump introduced a meme token on the Solana blockchain over the weekend, generating billions in initial trading volume. However, it experienced a decline on Monday prior to his inauguration but later saw a minor recovery. The token was last down 22% on Tuesday, priced at $35.29, with a market capitalization of $7.05 billion.
Trump and associated entities such as CIC Digital LLC and Fight Fight Fight LLC control 80% of the coin’s supply. This raises concerns regarding potential conflicts of interest, as Trump, in his presidential role, can influence crypto regulations. The coin capitalizes on Trump’s image and political narrative, appealing to his supporters and meme culture enthusiasts. It cleverly merges political endorsement with crypto speculation.
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