Trump launches his cryptocurrency meme coin, price soars overnight
World: Discover how US President-elect Donald Trump's new cryptocurrency has taken the market by storm, reaching a multi-billion dollar market cap in record time.
US President-elect Donald Trump has launched his cryptocurrency, which quickly soared in market capitalisation to several billion dollars.
His release of the meme coin, $Trump, comes as he prepares to take office on Monday as the 47th president of the US.
CIC Digital LLC coordinates venture
According to Trump’s website, the venture is co-ordinated by CIC Digital LLC - an affiliate of the Trump Organisation. The private company was responsible for selling Trump’s shoes and fragrances in the past.
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It is important to note that meme coins are often used to build the popularity of an internet trend. However, they lack any sort of intrinsic value and are touted as extremely volatile investments.
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CIC Digital LLC and Fight Fight Fight LLC are two companies from Delaware that own 80 per cent of the tokens. It remains unclear exactly how much money the president-elect will make in the business venture.
Trump boasts about the meme coin
"My NEW Official Trump Meme is HERE! It's time to celebrate everything we stand for: WINNING!" Trump wrote on his social media platform Truth Social as he announced the meme coin on Friday night.
Some 200m of the digital tokens have been issued and another 800m will be released in the next three years, the coin's website said.
"This Trump Meme celebrates a leader who doesn't back down, no matter the odds," the website said.
The website also comes with a disclaimer that the coin is “not intended to be, or the subject of” an investment opportunity or security. The website also mentioned that the coins are “not political and have nothing to do with” any political campaign, political office or government agency.
Critics accuse Trump of cashing in on the presidency
Meanwhile, critics slammed Trump for introducing meme coins just days before he assumed office. “Trump owning 80 per cent and timing launch hours before the inauguration is predatory and many will likely get hurt by it,” Nick Tomaino, a crypto venture capitalist, said in a social media post.
Trump was previously skittish about cryptocurrency, but at a Bitcoin conference in Nashville last year he said America would be "the crypto capital of the planet" once he returned to Washington. His sons Erik and Donald Jr announced their crypto venture last year.
(With inputs from agencies)