In an unexpected turn of events, President-elect Donald Trump has unveiled his very own cryptocurrency, $Trump, which has experienced a meteoric rise in market capitalisation to nearly $5.5 billion just hours after its launch. This launch coincides with his historic inauguration as the 47th president of the United States on Monday. The initiative has been orchestrated by CIC Digital LLC, a subsidiary of the Trump Organization known for its previous ventures in branded goods, including shoes and fragrances.
Trump's Cryptocurrency Soars as He Takes Office
Trump's Cryptocurrency Soars as He Takes Office
Donald Trump's new meme coin, $Trump, quickly rises to billions as he prepares for presidency.
Meme coins, such as $Trump, are typically designed to leverage internet trends for popularity but carry substantial volatility and lack fundamental value. Despite its rapid ascension in worth, the nature of meme coins raises concerns among investors regarding its sustainability. Following the launch, Trump announced the coin on his social media platform, Truth Social, stating, "My NEW Official Trump Meme is HERE! It's time to celebrate everything we stand for: WINNING!"
The cryptocurrency features the issuance of 200 million tokens, with a further 800 million planned over the ensuing three years. However, critics have voiced disapproval regarding the timing and nature of the venture. Nick Tomaino, a crypto expert, referred to the timing as "predatory," highlighting how early investors might profit at the expense of later ones who risk potential losses as prices fluctuate.
President Joe Biden’s administration previously indicated a tighter regulatory climate for cryptocurrencies, citing issues including fraud and money laundering. Nevertheless, many within the crypto community are optimistic that Trump’s administration could usher in a more favorable environment for digital currencies. Interestingly, Trump's previous hesitance regarding cryptocurrency has made way for a more favorable perspective, suggesting that America could evolve into the "crypto capital of the planet" under his leadership, a sentiment he expressed at a Bitcoin conference last year.
The cryptocurrency features the issuance of 200 million tokens, with a further 800 million planned over the ensuing three years. However, critics have voiced disapproval regarding the timing and nature of the venture. Nick Tomaino, a crypto expert, referred to the timing as "predatory," highlighting how early investors might profit at the expense of later ones who risk potential losses as prices fluctuate.
President Joe Biden’s administration previously indicated a tighter regulatory climate for cryptocurrencies, citing issues including fraud and money laundering. Nevertheless, many within the crypto community are optimistic that Trump’s administration could usher in a more favorable environment for digital currencies. Interestingly, Trump's previous hesitance regarding cryptocurrency has made way for a more favorable perspective, suggesting that America could evolve into the "crypto capital of the planet" under his leadership, a sentiment he expressed at a Bitcoin conference last year.
