Keith Grossman, president of MoonPay, announced that Mike Novogratz, CEO of Galaxy Digital, and Brad Garlinghouse, CEO of Ripple, provided a $160 million loan to MoonPay to address the overwhelming demand for Trump-themed memecoins. Following the launching of Official TRUMP and Melania memecoins around the time of the January 20 inauguration, MoonPay registered 750,000 new sign-ups, likening the situation to a DDoS attack due to massive volume. The TRUMP memecoin achieved a fully diluted market cap exceeding $70 billion shortly after its launch, emphasizing both the craze surrounding it and legal controversies emerging from its release. Legal experts and US Senator Elizabeth Warren raised concerns about potential violations of the Emoluments Clause, citing risks of foreign influence and bribery. Public Citizen, a consumer protection group, also called for an investigation into the implications of the token's offering, particularly regarding its benefits to President Trump personally.

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