President-elect Donald Trump took on another business venture on the eve of his inauguration over the weekend, when he announced the launch of his new cryptocurrency token.Trump, who is set to be sworn into office as the 47th president of the U.S. on Monday, announced on Friday in a Truth Social post the launch of his new official “$TRUMP” meme coin to celebrate “WINNING.” While the price of the token rose sharply soon after its launch, it saw a steep decline by Sunday.According to Coinbase, while meme coins are cryptocurrencies often inspired by internet memes or trends, they are also typically considered risky and volatile trading assets.”Engaging with meme coins carries risk and is something you should only attempt armed with research and experience,” Coinbase states on its website.
President-elect Donald Trump is pictured on January 9, 2025 in Palm Beach, Florida. Background shows the coins of various cryptocurrencies. Trump launched his own meme coin on Friday.
President-elect Donald Trump is pictured on January 9, 2025 in Palm Beach, Florida. Background shows the coins of various cryptocurrencies. Trump launched his own meme coin on Friday.
Scott Olson/Getty Images;/iStock Editorial/Getty Images Plus
However, meme coins have increased in visibility in recent years largely due to endorsements from high-profile individuals and the role of meme coins in digital culture, according to Coinbase.This isn’t the first time Trump has used photos of himself to sell various items. In recent years, these have included collectible digital trading cards featuring him as a superhero, $399 gold high-top sneakers, $100 “MAGADonalds” T-shirts, and $60 “God Save America” Bibles, which reportedly netted him $300,000 overall.In September, “TRUMP Watches” were launched, with Trump asking his supporters to spend at least $499 to join “President Trump’s Watch Community.”Newsweek has taken a look at Trump’s current estimated net worth.How Has Token Affected Donald Trump’s Net Worth?According to Forbes, Trump’s net worth stands at a staggering $6.7 billion, as of press time. The number shows a slight dip, after Forbes reported that his net worth surged from $6.2 billion to just over $7 billion on January 13.These numbers stand in stark contrast to the weekend, following the Friday launch of Trump’s cryptocurrency token. According to Axios, Trump’s crypto holdings were worth as much as $58 billion on paper as of Sunday morning.It meant that the token accounted for a whopping 89 percent of Trump’s net worth at the time. This boost saw Forbes temporarily rank Trump among the world’s 25 richest people.However, by Sunday night, things had shifted dramatically, as the value of the token suddenly plummeted later on Sunday, dropping from a $15 billion market cap to $9 billion, according to Crypto News.As of press time, Trump stands as the 472nd richest person in the world on Forbes’ list.Space X and Tesla CEO Elon Musk, who Trump has appointed as co-lead in the newly crea