Mark Cuban, the billionaire entrepreneur and co-founder of Cost Plus Drugs, has proposed an intriguing concept involving a memecoin intended to help tackle the US national debt. On January 21, Cuban expressed that if the memecoin trend continues, he might create a coin inspired by the official token launched by former President Donald Trump. The aim would be to direct all revenue generated from the token towards reducing the national debt, with a commitment to transparency by publicly posting the wallet address for donations.
Cuban suggested that those attracted to the speculative nature of meme-based cryptocurrencies could channel their enthusiasm into something more impactful — contributing to national debt reduction. The proposal comes at a time when the government’s stance on cryptocurrencies has generally been seen as skeptical, though the recent administration has shown a surprising openness towards the crypto space. Trump himself has ventured into this realm with the launch of his official memecoin, known as the Official Trump token, just days prior to taking office.
Upon its release on January 18, this token quickly achieved a market capitalization of $14.5 billion, though it has experienced significant volatility, dropping nearly 50% to around $38.56 today. Melania Trump also joined the memecoin market with her Official Melania token, which saw an initial market cap of $6 billion before settling at approximately $680 million.
Nonetheless, while Cuban’s idea of a memecoin to address the staggering national debt — nearly $36 trillion according to the US Treasury — might spark some interest, its practical implications are limited. Even if Cuban’s token matched the success of the Trump token, its contribution to debt reduction would be minimal, potentially only impacting about 0.03% of the total debt. Additionally, the inevitable decline in token value upon liquidation means that the actual assistance to the national debt would likely be even less significant.
