Post by: Raman Preet
Photo : Reuters
The new US President-elect Donald Trump launched his own cryptocurrency, the $Trump meme coin, just before he became the 47th president of the United States. Following the launch, the digital coin saw its market value jump into several billion dollars, hitting almost $5.5 billion by Saturday afternoon, just hours after its release.
The cryptocurrency project was organized by CIC Digital LLC, part of the Trump Organization, that previously sold Trump-branded items such as shoes and perfumes. This $Trump meme coin falls into a growing category of meme coins: digital tokens seeking to build popularity around a viral internet trend or movement. However, meme coins usually have no real value and are very volatile, which means that their prices can increase or decrease rapidly.
As many as 200 million tokens of the $Trump meme coin were issued before the launch, with plans to release another 800 million over the next three years. CIC Digital LLC and Fight Fight Fight LLC, a company linked to Trump, owns 80% of the tokens. How much Trump himself is going to get from the coin is unclear; however, this venture has gained traction pretty fast.
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Trump announced the coin on his Truth Social site, saying it is a "celebration of WINNING" and a coin that symbolizes a leader who does not retreat. The website for the coin explicitly disclaims that the coin is neither an investment nor a political campaign device, though the timing of its introduction coincides with Trump's swearing-in ceremony.
Some argue, however, that the timing and the large share of tokens owned by Trump and his associates may serve as a ploy to take advantage of his presidency. "Many people will lose money in the end," opined Nick Tomaino, a crypto venture capitalist.
While many are enthusiastic about the cryptocurrency, others fear it may be a risky investment. The $Trump meme coin is part of a larger movement that's hoping to see the U.S. government become more supportive of cryptocurrencies, even though there have been regulatory crackdowns on crypto companies in the past.
Former skeptic of cryptocurrency, Donald Trump earlier said the U.S. would be the "crypto capital of the planet" during his second term, and in reality, his sons, Eric and Donald Jr., announced their own crypto venture last year.
The mixed reaction to $Trump coin has drawn the attention of a growing world of meme-based cryptocurrencies where in a matter of days, its value climbed to the moon.
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