Announcing the coin on his Truth Social platform, Trump wrote, “My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING!” ( Photo/ Truth Social /@realDonaldTrump)US President-elect Donald Trump has introduced his own cryptocurrency, called $Trump, which quickly gained massive popularity. According to BBC, the digital coin’s market value shot up to $5.5 billion (£4.5 billion) just hours after its launch.The coin, described as a “meme token,” was unveiled by CIC Digital LLC, a company linked to the Trump Organisation, known for selling Trump-branded products in the past.Meme coins are often associated with online trends but are considered highly volatile and lack inherent value.Announcing the coin on his Truth Social platform, Trump wrote, “My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING!” The coin’s website describes it as a tribute to a “leader who doesn’t back down.”Around 200 million tokens have already been issued, with plans to release another 800 million over the next three years. However, the website includes a disclaimer, stating the coin is “not an investment opportunity” and is unrelated to any political campaign or office.Critics were quick to accuse Trump of profiting from his presidency. Crypto investor Nick Tomaino said on social media, “Trump owning 80 percent and timing the launch just before his inauguration is predatory, and many could lose money.”Also read | Trump wants to visit China, talked about possible trip to IndiaMeme coins have a history of sudden price surges fuelled by hype, only to crash later, leaving some investors with significant losses.AdvertisementDespite the risks, some in the crypto community are optimistic that Trump’s return to office could boost the industry.Trump, who was initially cautious about cryptocurrency, told a Bitcoin conference in Nashville last year that he envisioned the US becoming “the crypto capital of the planet.”His sons, Donald Jr and Erik Trump, also launched their own crypto project last year.This move comes as US regulators under President Joe Biden have taken a stricter stance on cryptocurrencies, citing concerns about fraud and money laundering.
Dom. Gen 19th, 2025
