THE PRESENTER OF THE UNITED STATES ...

Here’s a stunning surprise: the overhyped $TRUMP meme coin’s price has plummeted 83% since its launch in mid-January.

It started trading at $US0.18, before surging to its peak of $US75.35 on January 19. Yesterday it was languishing at $US12.25, a fall from its peak of $US63.10 in 45 days.

The $TRUMP coin has no utility. It’s a pure collectible, a digital version of football cards or Pokemon. (It doesn’t even allow the owner to play a game!)

Trump’s operatives have retained 80% of the $TRUMP coins. Only 20% is in circulation. The backers apparently plan to gradually roll out the balance starting this month as they cash in on the project. That should provide even greater downward pressure to the price.

The $TRUMP coin is a perfect emblem for Trump and his method of operation: it’s designed to make a tiny group of billionaires even richer, leaving the vast majority as losers, while Trump himself invests nothing but clips the ticket.

It’s all about branding. Just as Trump doesn’t own the buildings with his name emblazoned on them, so Trump the meme coin promoter simply lends his name to it, taking no risk except to his reputation. And that’s worth about as much as his coin.

The Golden Age of Corruption under the Presenter of the United States continues …