President-elect Trump is launching his own cryptocurrency meme coin ahead of his inauguration
Libby Cantrill, head of U.S. public policy at Pimc, discusses what she expects President-elect Trump to accomplish on his first day back in office at the Barron’s Roundtable.
President-elect Trump surprised the $3.5 trillion cryptocurrency industry on Friday night by announcing the launch of its own crypto token called the $Trump coin.
The launch is on track to become one of the most successful in history. In less than 24 hours, the $Trump coin went from just a few cents to around $30, a whopping 12,000% gain.
It now has a market capitalization of close to $6 billion and records billions in trading volume. It is also now in the top 30 the biggest cryptocurrencies in the world by market capitalization.
The announcement comes just days before Trump’s inauguration on Monday. Trump personally announced the unveiling of the coin through his Social truth and X accounts on Friday at 9:45 PM ET, as industry bigwigs celebrated his return to duty at the inaugural Crypto Ball in Washington, DC
Trump promises to be the most cryptocurrency-friendly president in history and has promised to change that Biden administration so-called regulation by coercive attacks on key players in the industry.
Among the participants of the ball were CEOs of various crypto platforms, politicians, several of Trump’s new cabinet members and his son Donald Trump Jr.
President-elect Trump opens the bell on the trading floor of the New York Stock Exchange on December 12, 2024 in New York. (Spencer Platt/Getty Images/Getty Images)
When the news broke, some in attendance were skeptical, speculating that the president-elect’s accounts had been hacked. Donald Trump, Jr., who likely knew about the announcement, was holed up in an exclusive VIP area. It’s not clear if he spoke to anyone about the Trump coin.
“My NEW official Trump meme is HERE! It’s time to celebrate everything we stand for: WIN! Join my special Trump community,” post said, adding a link to a website where visitors can purchase a token using a debit card or cryptocurrency.
YOU CAN BE DONALD TRUMP’S NEIGHBOR IN PALM BEACH FOR $15 MILLION
Trump has not commented on the coin since the initial announcement. His son, Eric Trump, announced at X Saturday afternoon that the coin is “the hottest digital meme in the world.” The president-elect’s X account reposted his son’s comments.
Two spokespeople for Trump’s transition team did not respond to a request for comment.
The coin, which carries the trading symbol TRUMP, is known as a “meme coin,” a highly speculative type of cryptocurrency that has no inherent utility and is often created as a joke or parody, such as PEPE, the cartoon frog meme that has a market capitalization of over $7 billion .
Sophisticated investors are often wary of meme coins, not only because of their wild price swings, but also because of their tendency to be associated with scammers looking to make a quick buck off exuberant investors. Last month, investors sued social media influencer Haliey Welch, better known as “Hawk Tuah Girl” when the price of her meme coin, Hawk coin, plummeted hours after its launch, leading to millions in losses.
TRUMP’S INAUGURATION: THESE COMPANIES ARE TOP WITH DONATIONS
According to the coin’s website, the Trump Organization’s affiliates, CIC Digital LLC and Fight Fight Fight LLC, together own 80% of the coins in circulation, meaning as the price of the token rises, owners will see significant gains. The website does not mention who will be the recipient of the earnings.
However, the fact that Trump is cashing in on small investors could alarm regulators and senators like Elizabeth Warren, a fierce critic of the crypto industry.
Trump speaks at the Bitcoin 2024 conference in Nashville on July 27, 2024. (Brett Carlsen/Bloomberg via Getty Images/Getty Images)
Last summer, another meme coin, DJT, rumored to be associated with the president-elect, was introduced on the Solana blockchain. The coin was made by convicted fraudster “Pharma Bro” Martin Shkreli, not Trump or his son, Barron, as Shkreli claimed.
Trump’s announcement has received mixed reviews so far. Some of his loyal fans in the crypto community are praising the move, saying it promotes the Solana blockchain and is likely to bring new users into the crypto space who want to own a piece of the first crypto-friendly presidential token.
Others are publicly criticizing it, and some are even calling it a free money grab by Trump, who has already received millions from the crypto industry on the campaign trail after ingratiating himself with promises of deregulation.
But major exchanges such as Kraken are already making the token available for trading on their platform. It’s unclear whether Coinbase, the country’s largest cryptocurrency exchange, will follow suit.
Meanwhile, Trump coin investors have already made huge returns from the rapid price increase. One trader made $1.1 million from an initial investment of $150,000, and another turned $800 into $310,000, according to financial newsletter The Kobeissi Letter.
CLICK HERE TO DOWNLOAD THE FOX NEWS APP
“Whether you agree with the move or not, the fact is that the leader of the free world has just put his stamp on Solana and meme culture,” said Frank Chaparro, director of special projects at crypto publication The. Block.
Perhaps coincidentally, Trump decided to introduce the meme coin on SEC Chairman Gary Gensler’s last day in office.
Gensler, who has dealt with digital assets, will be replaced by Trump’s more crypto-friendly pick, attorney Paul Atkins.
