Former U.S. President Donald Trump has taken the cryptocurrency world by storm with the launch of a meme coin named $TRUMP, unveiled through his official Truth Social platform and X account. The coin, described as a digital homage to the former president’s resilient persona, has sparked excitement and skepticism in equal measure.
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Meme coins, often associated with viral internet trends, typically hold little economic or transactional value and are seen as tools for speculative trading. Despite this, $TRUMP has garnered significant attention. According to the coin’s official website, the digital asset “celebrates a leader who doesn’t back down, no matter the odds,” referencing an alleged assassination attempt on Trump in July 2024.
The launch initially raised eyebrows within the crypto community, with questions surrounding the coin’s legitimacy and its actual connection to the president-elect. Concerns about potential scams circulated widely. However, the announcements posted on Trump’s verified social media channels provided a measure of reassurance to the market. Adding to its credibility is the involvement of CIC Digital LLC, a company Trump has previously partnered with to sell non-fungible tokens (NFTs).
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By mid-morning on Saturday, Trump’s market capitalization had skyrocketed to nearly $6 billion. However, details regarding Trump’s financial gain from the launch remain undisclosed.
The coin’s official website disclosed that 200 million meme coins were initially issued, with Fight Fight Fight LLC, the company managing the launch, revealing plans to release an additional 800 million over the next three years. At the current valuation, the yet-to-be-issued coins could be worth approximately $24 billion.
Trump’s involvement in cryptocurrency marks a significant departure from his earlier opposition to the sector. During his 2024 presidential campaign, Trump shifted his stance, emerging as a vocal proponent of cryptocurrency and pledging to loosen regulations to encourage industry growth.
This is not Trump’s first foray into the crypto world. In October 2024, businessmen associated with the former president launched a cryptocurrency platform called World Liberty Financial, further cementing his pivot toward embracing digital currencies.
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