President-elect Trump launches his own virtual currency Memecoin ahead of Inauguration Day

President-elect Trump surprised the $3.5 trillion cryptocurrency industry on Friday night by announcing the launch of his own crypto token called the $TRUMP coin.

This launch is on track to be one of the most successful in history.

Within 24 hours, the value of $TRUMP rose from just a few cents to $33.87, representing a staggering price increase of over 18,000%. Since then, the token’s price has fallen to around $26, and its market capitalization has exceeded $5 billion, making it one of the top 30 largest cryptocurrencies in the world.

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The announcement came days before Trump’s inauguration as president on Monday. As industry heavyweights celebrate his return at the inaugural Crypto Ball in Washington, D.C., President Trump will be releasing his coins via his Truth Social and X accounts on Friday at 9:45 p.m. ET. was announced personally.

President Trump has promised to be the most crypto-friendly president in history, vowing to reverse the Biden administration’s regulatory crackdown on the sector that has led to many U.S. companies moving operations overseas.

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

When the news broke, many attendees wondered if the president-elect’s account had been hacked. Donald Trump Jr., presumably aware of the announcement, was locked away in the VIP section. It is unclear whether he has spoken to anyone locally about the token launch.

“My new official Trump meme is here! It’s time to celebrate everything we stand for: victory! Join my very special Trump community,” the post states, adding that visitors Added a link to a website where you can purchase tokens using your debit card. Cipher.

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Trump has not commented on the coin since its initial announcement. His son, Eric Trump, posted on X on Saturday afternoon that the coin was “the hottest digital meme on the planet.” The president-elect’s X account reposted his son’s comments.

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

This coin, which appears under the trading ticker TRUMP, is known as a “meme coin,” a highly speculative type of crypto that has no intrinsic utility and is often created based on jokes or parodies. It’s currency. A cartoon picture of a frog with a market capitalization of over 7 billion dollars.

Sophisticated investors are often wary of meme coins. This is not only because of their wild price fluctuations, but also because they tend to be associated with scammers looking to make a quick buck from overzealous investors. Last month, social media influencer Hayley Welch, better known as “Hawk Tua Girl,” reported that the price of her meme coin $HAWK plummeted within hours of its introduction, causing investors to The company was sued by investors when it suffered large losses.

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According to the coin’s website, Trump Organization affiliates CIC Digital LLC and Fight Fight Fight LLC together own 80% of the coins in circulation, meaning that as the price of the token increases, owners will make a huge profit. The website does not say specifically who will receive the benefits.

But the fact that Trump is making money from retail investors could raise red flags for regulators and senators like Elizabeth Warren, who has been a vocal critic of the crypto industry and Trump himself.

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

President Trump’s announcement has received mixed reviews so far. Some of his loyal fans in the cryptocurrency community have praised the move, which will promote the Solana blockchain and attract new users who want to own a piece of the first crypto-friendly presidential token to crypto. It is said that there is a high possibility of inviting people into the space.

Some have publicly criticized the move, calling it a free cash grab by President Trump, who has already received millions of dollars from the crypto industry in exchange for promises of deregulation and making the US the “crypto capital of the planet.” Some people even call it something you do.

However, major exchanges such as Kraken are already allowing tokens to be traded on their platforms. It is unclear whether Coinbase, the country’s largest cryptocurrency exchange, will follow suit.

Meanwhile, investors in President Trump’s token have already made huge profits from the rapid price increase. According to financial newsletter Kobeissi Letter, one trader made $1.1 million from an initial investment of $150,000, while another turned $800 into $310,000.

“Whether you agree with this move or not, the fact of the matter is that the leaders of the free world are essentially just giving their thumbs up to Solana and meme culture,” said Cryptocurrency Publications Special Project. Director Frank Chaparro said. block.

Perhaps coincidentally, President Trump chose to introduce meme coins on the last day of SEC Chairman Gary Gensler’s term.

Gensler, who led the crackdown on digital assets, will be replaced by lawyer Paul Atkins, whom President Trump nominated to be more crypto-friendly.

Article original source: President-elect Trump launches own cryptocurrency meme Coin before inauguration