US President-elect Donald Trump has officially launched his own cryptocurrency, called $TRUMP, which has sparked intense buying activity, causing its market capitalization to surge to several billion dollars by Saturday. The coin’s official website makes reference to the assassination attempt on Trump in July 2024, adding an element of intrigue around the token’s origins.
Despite initial skepticism in the crypto community about the legitimacy of the $TRUMP coin and its direct association with Trump, the fact that announcements were made through Trump’s official social media channels seemed to reassure investors. Additionally, Trump has previously worked with one of the companies behind the project, CIC Digital LLC, to sell non-fungible tokens (NFTs), further lending credibility to the coin.
By Saturday morning, the market cap of $TRUMP had reached nearly $6 billion, though neither Trump nor the company managing the launch, Fight Fight Fight LLC, revealed how much profit Trump made from the initial batch of meme coins.
The coin’s official site announced that 200 million coins were initially released, with Fight Fight Fight LLC stating an additional 800 million coins will be introduced over the next three years. At the current market rate, the yet-to-be-released coins could be worth approximately $24 billion.
Trump, who was once opposed to cryptocurrency, reversed his stance during his 2024 presidential campaign, emerging as a proponent of the digital currency space and pledging to relax regulations to foster its growth. Before this announcement, businessmen affiliated with Trump had launched a crypto platform called World Liberty Financial in October.
About The Author
