In a bold move ahead of his inauguration as the 47th President of the United States, Donald Trump has launched his cryptocurrency, the $TRUMP meme coin.
Released on Friday at an initial price of $1.50, the coin surged to $70 by Sunday, achieving a staggering market capitalization of $14.1 billion within two days.
The meme coin, with a total supply of 999.99 million and a circulating supply of 200 million, saw a trading volume of $14 billion over the weekend, according to CoinMarketCap.com.
The venture is spearheaded by CIC Digital LLC, an affiliate of the Trump Organization, which has previously sold Trump-branded products.
Meme coins, often tied to viral internet trends, are known for their volatility and lack of intrinsic value.
Despite this, $TRUMP has gained massive traction, fueled by Trump’s promise to make the United States “the crypto capital of the planet” during a Bitcoin conference in 2024.
The project is co-owned by CIC Digital LLC and Fight Fight Fight LLC, which hold 80% of the tokens.
However, questions remain about Trump’s financial stake and potential conflicts of interest, especially as his administration plans to deregulate the crypto industry.
Anthony Scaramucci, a former Trump aide, criticized the move, calling it “Idi Amin level corruption,” citing ethical concerns about a sitting president profiting from a cryptocurrency venture.
The launch has sparked debate online. A user on X (formerly Twitter), @I_Am_DTaylor, questioned, “A (soon to be) sitting president launching a crypto token – is it innovation, or a massive conflict of interest? Is it good or bad for crypto?”
Trump, who had been skeptical of cryptocurrency in the past, has since embraced it, previously selling Trump NFTs. His administration’s plans include crypto deregulation and possibly stockpiling Bitcoin as part of national policy.
Critics argue that the timing of the launch raises ethical concerns. With the Trump administration advocating for a more crypto-friendly regulatory framework, opponents fear it could blur the lines between personal financial interests and public policy.
The $TRUMP coin’s meteoric rise mirrors the unpredictable nature of meme coins, but its association with a sitting president makes it unprecedented.
As the crypto market reacts to this development, all eyes will be on Trump’s administration to see how it navigates the intersection of cryptocurrency, policy, and governance.
Whether $TRUMP will maintain its momentum or succumb to market volatility remains to be seen.
However, the coin’s success signals the growing influence of cryptocurrency in mainstream politics and economics, setting the stage for a potentially transformative presidency.