Donald Trump Launches His Own Cryptocurrency, Market Value Soars

Islamabad:U.S. President-elect Donald Trump has launched his own cryptocurrency, which has quickly seen its market capitalization soar to several billion dollars.

The release of the “Meme Coin” comes as Trump prepares to take office as the 47th President of the United States on Monday. The project was launched under the auspices of CIC Digital LLC, a company affiliated with the Trump Organization, which has previously launched Trump-branded shoes and perfumes.

The “Meme Coin” is typically used for viral internet trends or movements, but they often lack intrinsic value and are considered highly volatile investments.

According to CoinMarketCap.com, just a few hours after its launch on Saturday afternoon, the market capitalization of “$Trump” reached approximately 5.5 billion USD (4.5 billion GBP). However, it is unclear how much money Trump himself will earn from this venture.

Donald Trump took to the social media platform ‘Truth Social’ to announce the launch, saying, “My new official Trump meme is here! It’s time to celebrate everything we stand for.”

According to the official website of $Trump, approximately 200 million digital tokens have been issued, with an additional 800 million to be released over the next three years. The website states, “This Trump meme is a celebration of a leader who never backs down, no matter the challenges.”

On the other hand, Trump’s critics have accused him of monetizing the presidency with this cryptocurrency launch. Social media responses have also raised concerns that such digital currency projects often use hype to inflate prices before sales, leading to potential losses for investors later on.

It is worth noting that Trump was initially not in favor of launching his own cryptocurrency, but last year, at a Bitcoin conference in Nashville, he stated that after returning to Washington, the U.S. would become “the crypto capital of the planet.” Following this, his sons, Eric and Donald Jr., announced their own cryptocurrency venture last year.