The showdown between Elon Musk and former President Donald Trump over Trump's 'One Big Beautiful Bill' has created a new wave in the cryptocurrency world, leading to the emergence of the meme coin Solana named Kill Big Beautiful Bill.
Elon Musk publicly criticized this bill, arguing that it undermines the spending cuts he achieved with the Department of Government Efficiency (DOGE), an initiative introduced after he took office, aimed at significantly reducing U.S. spending. On Wednesday, Musk posted an image related to the movie 'Kill Bill', promoting a movement to block Trump's bill.
The swift reaction from the crypto community turned this idea into reality with the launch of the meme coin KBBB on the Pump.fun platform. This token quickly reached a market capitalization of $53.12 million within the first nine hours before dropping by approximately 30%. Traders seized the opportunity, with some making significant profits.
The controversy between and Trump does not stop at social media. Trump's 'One Big Beautiful Bill', passed by the House of Representatives, is projected to add an additional $2.4 trillion to the national deficit over the next decade, far exceeding the spending cuts that DOGE has achieved. Musk has continuously criticized this bill on social media platforms, asserting that it 'negates all the cost-saving measures that the DOGE group has achieved.'
This event shows the significant influence of public figures on the meme coin market, where political controversies can quickly transform into volatile trading opportunities.
Investing in cryptocurrency carries high risks due to strong price volatility.
