According to a report from the Daily Beast, after Donald Trump was gifted with 500 billion crypto tokens by one of his boosters -- and gave a thumbs up to the gift with a "sounds good to me" endorsement -- the value of those tokens began to plummet.
The Beast's Noah Kirsch and Zachary Petrizzo reported that the “Let’s Go [Brandon]” tokens were a gift from Trump supporter James Koutoulas that was announced on a podcast where the president was interviewed.
After Trump gratefully accepted them -- while also admitting he didn't know how they worked -- their value began a quick descent.
"Between noon Wednesday—the day the interview was posted—and early Friday afternoon, the crypto token’s value had fallen nearly 19 percent," the report states. "Trump’s coins are already worth about $10,000 less, now down to $45,000—a minuscule $0.00000009 apiece—though their value could rise dramatically if they take off the way other meme coins have."
According to the report, "the coin’s backers intend to use the tokens to support the 'Freedom Truckers,'" of whom Trump claimed, "I’ll tell you what, those groups are the right groups to support… They’re great. They’re great patriots, great people."
The Beast report goes on to note, "It’s not clear how a meme coin will accomplish the objectives outlined on the podcast, not to mention that the previous iteration of the cryptocurrency was an absolute disaster."
You can read more here.