Trump Launches Meme Coin: A Bold Move Ahead of Inauguration
President-elect Donald Trump has taken the crypto world by storm with the launch of a new meme cryptocurrency token, just before his inauguration. This unexpected venture is already boosting his net worth and aligns with his unconventional promotional style, which has included everything from branded bibles to diamond-encrusted watches.
Eye-Catching Promotion and Market Surge
In a recent social media post, Trump invited supporters to join the “Trump Community,” declaring, “It’s time to celebrate everything we stand for: WINNING!” The promotional image features Trump with a raised fist, accompanied by the phrase “FIGHT FIGHT FIGHT,” referencing his reaction to an assassination attempt during a political rally in July.
Despite being marketed primarily as a form of support rather than a traditional investment, the meme coins, initially priced at $10, have skyrocketed to approximately $70 shortly after launch, attracting attention from crypto enthusiasts and speculators alike.
Family Ties and Industry Implications
Melania Trump also joined the meme coin trend, launching her own version on the same day. Meme coins represent a quirky and volatile corner of the cryptocurrency market; they often start as jokes but can experience wild price fluctuations based on public interest. Dogecoin, for instance, began as a meme but has gained substantial traction.
Some supporters view the launch of the Trump meme coin as indicative of a pro-crypto agenda for the incoming administration, especially after the industry felt sidelined under the Biden administration. Trump has promised to introduce crypto-friendly regulations and has appointed individuals who favor the sector to key positions.
However, critics caution that the meme coin could open doors for special interests and foreign entities to influence the president. Former Trump White House communications director Anthony Scaramucci voiced concerns on social media, stating, “Now anyone in the world can essentially deposit money into the bank account of the President of the USA with a couple clicks.”
Details on the Coin’s Release
The sale of the Trump meme coin is managed by CIC Digital, an affiliate of the Trump Organization. According to the token’s website, 200 million coins are currently available, with plans to issue a total of 1 billion over the next three years. CIC Digital and another company collectively own 80% of the meme coins and will benefit from trading revenues.
An ethics agreement limits Trump’s involvement in day-to-day operations of the Trump Organization while he is president, yet this new venture aligns with his previous interests in cryptocurrency and non-fungible tokens (NFTs). Last year, he reported earnings between $100,000 and $1 million from a series of digital trading cards featuring him in cartoon-like scenarios.
Trump’s social media platform, Truth Social, despite struggling to generate revenue, is currently valued at over $8 billion, largely due to stock price boosts from his supporter base.