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California governor Gavin Newsom says he will launch a meme coin called ”Trump Corruption Coin” to mock US President Donald Trump.
“This is one of the great grifters of our time,” Newsom said of Trump during an appearance on the Pivot with Kara Swisher and Scott Galloway podcast. “This is just jaw-dropping.”
Democrat Newsom has been actively trolling Trump by posting on X in Trump’s signature style capital letters as well as copying his language and most famous phrases.
Newsom Says He Wants To Bring A Mirror To The Absurdity In Politics
Newsom said that his continued mocking of the President is meant to serve as a mirror to “the absurdity” currently taking place in the political arena.
“It’s comical, and yet it’s become so normalized and socialized in a way that’s not even critiqued in the extreme right,” he said.
By launching his own meme coin, the governor aims to take his mocking of Trump to the next level.
“We’re about to put a meme coin out and you know what, Donald Trump?” he said. “We’ll see how well your coin does versus our coin.”
TRUMP Meme Coin Plummets 7%
Trump promises to make America the ”crypto capital of the world” and the industry has been a major focus of him and his family.
The TRUMP meme coin was launched ahead of the President’s inauguration in January on the Solana network, and the first lady’s Official Melania Meme (MELANIA) meme coin followed soon after.
TRUMP soared on launch but crashed soon after. Despite that, it did not take long for the President’s token to climb the meme coin ranks. Currently, the token is the fifth-largest meme coin with a capitalization exceeding $1.67 billion.
TRUMP price chart (Source: CoinMarketCap)
That ranks it above popular meme coins that includ Bonk (BONK), SPX6900 (SPX), Dogwifhat (WIF) and Fartcoin (FARTCOIN).
The only meme coins that have a larger market cap than TRUMP are Pudgy Penguins (PENGU), Pepe (PEPE), Dogecoin (DOGE) and Shiba Inu (SHIB).
The TRUMP price has plunged more than 7% in the past 24 hours to trade at $8.38 as of 5:05 a.m. EST, according to data from CoinMarketCap.
Trump Family Criticized For Its Crypto Ventures
Other members of the Democratic Party have lambasted Trump for using his presidency to enrich himself and his family while simultaneously dismantling regulatory safeguards.
Among the critics is Senator Elizabeth Warren, who said Trump is trying to turn the White House into a “crypto cash machine.”
Americans didn’t send us to Congress to help Trump turn the White House into a crypto cash machine.
We can’t look the other way when the President hosts a private dinner for his top meme coin buyers—or pass crypto bills like the GENIUS Act that would further line his pockets. pic.twitter.com/W0oXsF22bG
— Elizabeth Warren (@SenWarren) May 22, 2025
Some of the crypto ventures the President and his family are involved in include a decentralized finance (DeFi) platform called World Liberty Financial, a crypto mining firm called American Bitcoin, Polymarket, and Metaplanet, which is one of the leading Bitcoin treasury companies.
Just yesterday, World Liberty Financial debuted its WLFI token on many of the biggest crypto exchange platforms.
The token entered the market with a total supply of 100 billion tokens and a fully diluted market value of $30 billion. It’s already ranked among the top 30 biggest cryptos.
According to World Liberty Financial’s website, DT Markets DEFI LLC and “certain family members” of the Trump family held 22.5 billion WLFI tokens. The total holdings are valued at more than $5 billion, with the crypto trading at $0.2489 as of 5:25 a.m. EST.
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