President-elect Donald Trump launched his own cryptocurrency on Friday, sparking a feverish buying that apparently sent its market capitalization soaring to several billion dollars.
In an article about his Social Truth and
“My NEW official Trump meme is HERE! It’s time to do everything we stand for: WIN!” he wrote.
Meme coins have no economic or transactional price and are considered a speculative trading medium.
“This Trump meme celebrates a leader who doesn’t back down, no matter the odds,” the article’s official says.
In the hours following the overnight launch, the crypto community posed questions about the legitimacy of the $TRUMP coin, and its actual link to the president-elect, with some fearing a scam.
But the fact that the announcements were made on Trump’s official social media channels seemed to reassure the market, as did the fact that Trump had in the past used one of the project’s corporations, CIC Digital LLC, to sell tokens. non-fungible (NFT). ).
By mid-morning on Saturday, the market capitalization for $TRUMP stood at nearly $6 billion, according to CoinMarketCap.com.
Neither Trump nor the company managing the launch, Fight Fight Fight LLC, provided details about what he earned from the initial batch of meme coins launched.
The coin’s official site said 200 million meme coins were issued, with Fight Fight Fight saying an additional 800 million would be added over the next three years.
Formerly a cryptocurrency skeptic, the president-elect is now a convert and has become a champion of the concept.
Before this new announcement, Trump and his sons Donald Jr. and Eric launched their own cryptocurrency company, World Liberty Financial, and other members of the new administration have already revealed their investments and cryptocurrencies.
Last summer, Trump spoke at a Bitcoin convention in Nashville, where he promised to make the United States “the crypto capital of the planet” at the White House.
The meme coin is Trump’s latest marketing campaign, which recently included a line from “President Donald J. Trump First Edition” sold for $100 to celebrate his election victory. He used a photo of himself sitting next to the first lady, Dr. Jill Biden, at the reopening of Notre Dame Cathedral to announce the Cologne line.