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Highlights
- CryptoQuant CEO reverses his skeptical stance on meme coins, calling them a spiritual force.
- Ki Young Ju posits that Donald Trump has ushered in the era of meme coins.
- The TRUMP token launch has sparked debates over the need for crypto regulations.
Meme coins have gained widespread recognition, particularly following US President Donald Trump’s TRUMP token launch. The recent meme coin spree has ignited a new wave of interest despite their light-hearted nature. CryptoQuant CEO Ki Young Ju, initially skeptical, has revised his stance, appreciating these cryptocurrencies’ growth and development.
Acknowledging the value of meme coins, the CryptoQuant CEO admitted that he previously misunderstood them. Young Ju’s statement coincides with the recent hype surrounding meme coins, fueled by Trump’s launch and promotion of TRUMP.
CryptoQuant CEO Calls Meme Coins Spiritual Force
In his X post, CryptoQuant CEO Ki Young Ju praised meme coins as the “spiritual energy of internet society.” Correcting his initial skepticism, Young Ju conceded that he had underestimated the importance of meme tokens.
Meme coins are the spiritual energy of internet society.
— Ki Young Ju (@ki_young_ju) January 21, 2025
Previously, CryptoQuant CEO addressed meme coins as “gambling products,” adding that the crypto industry is facing a crisis. However, in an X post on January 20, Young Ju commented on the rising popularity of meme tokens, positing that Trump has ushered in “the era of meme coins.” Praising the evolution of the rather humorous cryptocurrencies, he stated,
As long as a meme has enough mindshare, meme coins can take on countless forms in the future. The possibilities are practically endless…The underlying reality of financial markets behaving like memes isn’t going away, so it’s worth considering how to make the most of it.
Donald Trump’s TRUMP Boosts Crypto Interest
Ahead of his presidential inauguration, Trump launched the TRUMP token, evoking both appreciation and criticism. Garnering more than $8 billion in its first three hours, TRUMP became a sensation in the crypto industry.
Despite its initial surge, the TRUMP coin is currently experiencing a downward trend, trading at $40.19. While the token has seen a daily loss of 18.7%, analysts anticipate its potential decline to $10.
Token Launch Sparks Debate on Crypto Regulation
Though the TRUMP launch led to increased acceptance, experts emphasized the emergency to introduce crypto regulations. XRP lawyer John Deaton underscored the priority of meme coin regulation over other regulatory concerns like SAB 121 legislation. Advocate Bill Morgan also urged the government to introduce comprehensive regulatory norms, in response to the recent market movement.
However, Trump’s exclusion of crypto policies in his first batch of executive orders sparked community concerns. This omission has raised questions about whether the new administration will introduce policies that could transform the crypto ecosystem. The future of meme tokens also hangs in the balance amid growing criticism.
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