California Governor Gavin Newsom teased a provocative new memecoin dubbed the “Trump Corruption Coin” as reported in Politico. Newsom was speaking at “The California Agenda: Sacramento Summit, when he took a dig at the President and his ongoing crypto ventures. The satirical tone was mainly to emphasize on the controversial $TRUMP memecoin.
He said, “We’re about to put a meme coin out… No, it’s Trump Corruption Coin,” aiming to expose the “absurdity” of Trump’s crypto escapades. Proceeds from Newsom’s coin would fund his “Campaign for Democracy,” including redistricting and voter outreach efforts. He has even started an online story with merchandise parodying Trump’s signature MAGA branding.
Launched in January 2025, $TRUMP memecoin has seen its share of controversies. Even though it raised billions in market value within hours, most of it is largely controlled by Trump-affiliated companies. The token totaled a multibillion-dollar valuation, ranking among the top 20 cryptocurrencies globally. Trading fees alone generated at least $320–350 million for Trump-affiliated entities, which controlled 80–89% of the supply
Another controversy was the Gala Dinner that Trump hosted for top holders. This raised ethical concerns and prompted calls for investigations. Many investors suffered steep losses while profits flowed to Trump’s organizations, leading critics to label it a pump-and-dump and raising conflict-of-interest flags.
The value of the Trump token has since fallen from almost $75 per token in January to barely $8.61 is what it trades at today. This is an 88 percent drop. However, the same can’t be said of the largest cryptocurrency, Bitcoin. Since Trump’s return to the Oval Office, Bitcoin has climbed close to 10 percent.