President-elect Donald Trump issued a new cryptocurrency token just before his inauguration, and it is skyrocketing in value, which could increase his net worth. It’s Trump’s latest norm-defying promotion campaign, which also sells branded bibles, gold sneakers and diamond-studded watches.
“It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community,” Trump said in a social post late Friday promoting the new tokens. They are marketed with a picture of Trump holding a fist up superimposed over the words “FIGHT FIGHT FIGHT,” a reference to Trump’s response to an assassination attempt at a political rally in July.
In promoting the meme coin, Trump urged his supporters to “have fun!” The website selling the tokens said they are intended as an expression of support, not an investment opportunity.
But that didn’t stop people from making money from it. Trump meme coins were initially priced at $10 each, but by Sunday morning they had skyrocketed to $70. Later on Sunday, prices plummeted after President Trump and his wife, Melania, posted meme coins for themselves. Melania coins were trading around $5 by Sunday afternoon.
Meme coins are a strange and highly volatile corner of the cryptocurrency world that often start off as jokes with no real value, but can skyrocket in price if enough people want to buy them. Dogecoin is probably the best known cryptocurrency, with a super cute dog mascot that tweets things like “Awesome!”. Meme coins can be used by scammers looking to get rich quick at the expense of unwary investors.
Some crypto enthusiasts welcomed the release of the Trump Meme Coin, saying it was a symbol of the president-elect’s support for an industry that they feel has been unfairly attacked by the Biden administration. President Trump has promised to introduce crypto-friendly regulations and has selected crypto cheerleaders for key government posts.
Critics said the Trump Meme Coin could be a dangerous way for special interests or foreign governments to buy influence over the president.
“Now anyone in world can essentially deposit money into bank account of President of USA with a couple clicks,” Anthony Scaramucci, a former Trump White House communications director, said on X.
CIC Digital, a subsidiary of the Trump Organization, coordinated the sale of the Trump meme currency. According to the coin’s website, there are presently 200 million Trump meme coins accessible, and one billion will be distributed over the following three years. According to the token’s website, CIC Digital and another business jointly control 80% of the Trump meme coins and will get “trading revenue derived from trading activities.”
The Trump family firm has published an ethics agreement that restricts the amount of financial information that is shared with Trump and forbids him from making “day-to-day” decisions at the Trump Organization while he is president.
Trump and his family helped launch a new cryptocurrency trading company last year. The president-elect has also dabbled in NFTs (non-fungible tokens), claiming he made between $100,000 and $1 million last year from a series of digital trading cards featuring cartoon-like images of astronauts, cowboys, superheroes and more.
Trump’s social media company, Truth Social, is also challenging traditional values. Despite struggling to grow sales, the company is now valued at more than $8 billion as Trump’s supporters boost its stock price, and therefore its net worth.
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