The $TRUMP meme coin, launched by US President-elect Donald Trump on Friday with an initial price of $1.5, has seen a remarkable surge in value.
The coin launched three days to his inauguration as the 47th President of the United States of America, boomed to as high as $70 on Sunday within two days.
Trump launched his own cryptocurrency on Friday ahead of his takeover of office from President Joe Biden.
By Sunday morning, the meme coin, $Trump, had quickly soared in market capitalization to $14.1 billion and trading volume of $14 billion, with a total supply of 999.99 million and circulating supply of 200 million, according to CoinMarketCap.com.
The venture was co-ordinated by CIC Digital LLC – an affiliate of the Trump Organization – which has previously sold Trump-branded shoes and fragrances, according to BBC.
Meme coins are used to build popularity for a viral internet trend or movement, but they lack intrinsic value and are extremely volatile investments.
CIC Digital LLC and Fight Fight Fight LLC, a company formed in Delaware earlier this month, own 80% of the tokens, but it is unclear how much money Trump might make from the venture.
However, critics have identified some ethical concerns and policy ties on Trump’s cryptocurrency including conflicts of interest as Trump plans crypto deregulation, with Anthony Scaramucci reportedly calling it “Idi Amin level corruption.”
This is as Trump has long embraced cryptocurrency, sold NFTs in the past, and promises deregulation and government Bitcoin stockpiling.
An X user, @I_Am_DTaylor, questioned, “A (soon to be) sitting president launching a crypto token – is it innovation, or a massive conflict of interest? Is it good or bad for Crypto?”
Trump had been skeptical about cryptocurrency, but at a Bitcoin conference in Nashville in 2024, he said America would be “the crypto capital of the planet” once he returned to office as President.
Peoplesmind
