Donald Trump, the 47th president of the United States, entered cryptocurrency and Launched its meme coin, $ Trump, which hit $6 billion in one day. This meme coin quickly raised several billion dollars in market capitalization. The release of his meme coin $Trump comes as he prepares to take office as the 47th President of the United States of America.
CIC Digital co-ordinated the plan, an affiliate with the Trump organization it recently sold Trump-branded shoes and fragrances. These meme coins are used to build popularity for a viral internet trend but lack essential value and are extremely unpredictable investments. By Saturday afternoon, According to the Coin Market Cap, the market capitalization for $Trump reached $5.5 billion after its launch.
CIC Digital LLC and Fight Fight Fight LLC, a Delaware company established earlier this month, own 80% of the tokens of $Trump coin. CIC Digital LLC and Fight Fight Fight LLC, a Delaware company established earlier this month, own 80% of the tokens of $Trump coin. It is unclear, that how much Trump can earn from this plan.
In a post on X, Donald Trump said, “My NEW Official Trump Meme Coin is HERE! It’s time to celebrate everything we stand for: WINNING!” The coin’s website announced that some 200m tokens were released and other 800m tokens will be released in the next three years.
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According to Coin Market Cap data, the coin is listed at an initial price of 0.18$ and shot up to 7.1$ before balancing at 21.57$ by 6:21 PM IST. The Coin will be listed on Binance on 19 January 2025 and open for trading.
The coin also said, The Meme coin $ Trump celebrates a leader who never back down, no matter the odds. It is also included in a disclaimer Noting the coin is “not intended to be” or it is not the subject of “an investment opportunity and security”, and it was not political and has nothing to do with”, any political campaign, political office or Government agency.
Commentator accused Trump of cashing in on the presidency. In a post on social media Nick Tomaino, a crypto venture capitalist, said that “80 percent of the coin Trump owns and timing hours before launching is predaceous and many will likely hurt by it”.
Such digital tokens are infamous for bookmakers who use hype to pump the value of coins before selling at the top of the market and leaving stragglers to count their losses as the market crashes. Investors of Cryptocurrency are hoping that the Trump administration will uplift the industry.
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President Joe Biden’s actuators mentioned fraud and money laundering concerns as they cracked down on crypto companies by taking legal actions on exchanges. Trump was recently nervous about cryptocurrency. However, at a Bitcoin conference last year in Nashville, he said that the U.S.A. would be “the capital of the crypto planet” once he returned to Washington. His sons Erik and Donald Jr declared their crypto venture last year.
