Michaela
Senator Chris Murphy has accused President Donald Trump of orchestrating a bribery scheme involving his TRUMP meme coin, raising concerns about its potential misuse in political influence.
In a recent post on X, Senator Murphy accused President Trump of “running a backdoor bribery scheme,” alleging that his personal cryptocurrency allows CEOs and foreign oligarchs to secretly send him money in exchange for favors.
“It’s the biggest scandal in the history of the Presidency,” Senator Murphy claimed in his post.
Senator Murphy’s accusation was met with doubt from some users, with one asking if he had evidence to support his claim. Another user responded by citing that “all transactions are on the blockchain,” emphasizing that, due to the transparent nature of blockchain technology, the transactions could not be entirely secret.
The TRUMP meme coin was launched in January 2025 as a digital asset associated with the president and his wife, Melania. The coin is hosted on the Solana blockchain and was initially introduced as a collectible, with a total of 200 million tokens made available for public sale. An additional 800 million tokens are controlled by entities connected to Trump.
The launch of $TRUMP generated significant buzz, quickly reaching a market capitalization of over $27 billion. However, the coin has faced substantial volatility since its introduction, particularly after the launch of Melania Trump’s own meme coin, $MELANIA, which further contributed to the downward trend in value.
Murphy Alleges Insider Trading Following TRUMP Meme Coin “Scheme”
Senator Murphy’s accusations were made after President Trump reversed his stance on recent tariffs, opting to pause them for 90 days in response to growing market instability.
Senator Murphy has also condemned the President’s decision, asserting that “an insider trading scandal is brewing.” In a separate post on X, Senator Murphy questioned a statement made by President Trump on his social media platform, Truth Social, which suggested that the recent massive sell-off in stocks might soon come to an end.
“Trump’s 9:30am tweet makes it clear he was eager for his people to make money off the private info only he knew. So who knew ahead of time and how much money did they make?” Murphy wrote.
“THIS IS A GREAT TIME TO BUY!!! DJT,” President Trump wrote in a post shortly before 1:30 p.m., moments ahead of announcing a temporary pause on tariffs. The announcement triggered a major rally on Wall Street, with the Nasdaq posting its strongest single-day gain since 2008 — up nearly 12%. The S&P 500 rose 9.5%, while the Dow Jones Industrial Average jumped roughly 2,800 points, a gain of 8%.
Read More
- US Tariffs Shock Sparks Sell-Off as Bitcoin and Stocks Retreat
- Texas Rep. Al Green Criticizes Trump Meme Coin in Debanking Hearing
- BlackRock CEO Warns of Weak Economy Amid Trump’s Tariffs and Inflation
Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
