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HomeBusinessPresident-elect Trump launches his own cryptocurrency meme coin ahead of inauguration

President-elect Trump launches his own cryptocurrency meme coin ahead of inauguration


President-elect Trump Trump surprised the $3.5 trillion cryptocurrency industry Friday night by announcing the launch of its own crypto token called Trump Coin.

This launch is on track to become one of the most successful in history. In less than 24 hours, the $Trump coin surged from just a few cents to nearly $30, an astonishing 12,000% gain.

It now has a market cap of close to $6 billion and has seen trading volumes in the billions. It is now also included in the top 30 biggest cryptocurrency In the world by market cap.

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The announcement comes days before Trump’s inauguration on Monday. Trump personally announced the unveiling of the coin through his true social And Washington DC

Trump is promising to be the most crypto-friendly president in history and has vowed to reverse it of the Biden administration So-called regulation by enforcement action on major industry players.

Attendees at the ball included CEOs of various crypto platforms, politicians, some of Trump’s new cabinet members, and his son, Donald Trump Jr.

President-elect Trump rings the opening bell on the trading floor of the New York Stock Exchange on December 12, 2024 in New York City. (Spencer Platt/Getty Images/Getty Images)

When the news broke, some attendees were suspicious and speculated that the president-elect’s accounts had been hacked. Donald Trump, Jr., who presumably knew about the announcement, was secluded in a special VIP section. It is unclear whether he spoke to anyone there about the Trump coin.

“My new official Trump meme is here! It’s time to celebrate everything we stand for: WIN! Join my exclusive Trump community,” The post said, Adding a link to a website where visitors can purchase tokens using a debit card or crypto.

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Trump has not commented on the coin since the original announcement. Posted by his son Eric Trump x saturday afternoon This coin is “the most popular digital meme on Earth.” The president-elect’s X account reposted his son’s comments.

Two spokespeople for the Trump transition team did not respond to requests for comment.

The coin, which goes by the trading ticker TRUMP, is known as a “meme coin”, a highly speculative type of cryptocurrency that has no inherent utility and is often created based on a joke or parody, such as PEPE. , a meme of an image of a cartoon frog with a market cap of over $7 billion.

Sophisticated investors are often wary of meme coins, not only because of their wild price fluctuations, but because of their tendency to be linked to scammers looking to make a quick buck from enthusiastic investors. Last month, social media influencer Haley Welch, known as the “Hawk Tua Girl,” was sued by investors after the price of her meme coin, Hawk Coin, fell within hours of its launch. Due to which lakhs of people suffered losses.

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According to the coin’s website, Trump Organization affiliates, CIC Digital LLC and Fight Fight Fight LLC, collectively own 80% of the coins in circulation, meaning owners will see significant profits as the price of the token rises. . The website does not mention who will end up with the benefits.

However, the fact that Trump is making money from retail investors could raise red flags for regulators and senators like Elizabeth Warren, a staunch critic of the crypto industry.

Trump speaks at the Bitcoin 2024 conference in Nashville on July 27, 2024. (Brett Carlson/Bloomberg via Getty Images/Getty Images)

Last summer, another meme coin, DJT, which was rumored to be associated with the president-elect, was introduced on the Solana blockchain. The coin was created by convicted fraudster “Pharma Bro” Martin Shkreli, not by Trump or his son, Barron, as Shkreli claimed.

Trump’s announcement has received mixed reviews so far. Some of his loyal fans in the crypto community are praising the move, saying it promotes the Solana blockchain and will likely bring new users into the crypto space who want to own a piece of the first crypto-friendly presidential token.

Others are publicly criticizing it, with some even calling it an unnecessary cash grab by Trump, who has already received millions from the crypto industry during the campaign after promising deregulation.

But major exchanges like Kraken are already making the token available for trading on their platforms. It is unclear whether Coinbase, the country’s largest cryptocurrency exchange, will follow suit.

Meanwhile, Trump coin investors have already made huge returns from the rapid price rise. According to financial newspaper The Kobeshi Letter, one trader made $1.1 million from an initial investment of $150,000, and another turned $800 into $310,000.

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“Whether you agree with this move or not, the truth of the matter is that the leader of the free world has essentially put his seal of approval on Solana and meme culture,” said Frank Chaparro, director of special projects at the crypto publication. ” block.

Perhaps coincidentally, Trump decided to introduce the meme coin on SEC Chairman Gary Gensler’s last day in office.

Gensler, who cracked down on digital assets, will be replaced by Trump’s more crypto-friendly pick, lawyer Paul Atkins.



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