Trump Meme Coin: The New Cryptocurrency Token
President elect Donald Trump Launches new cryptocurrency token – the Trump meme coin. Its value is rising and may increase his fortune right before his inauguration, as a latest norm-breaking campaign by him who already helped sell some branded bibles and gold sneakers and diamond watches.
Join the Trump Community
Trump encouraged his supporters to join his special Trump Community and celebrate everything they stand for: WINNING! The Trump meme coin is marketed with a picture of Trump holding a fist up, superimposed over the words “FIGHT FIGHT FIGHT,” referencing his response to an assassination attempt at a political rally in July.
The Rise of the Trump Meme Coin
The Trump meme coin began selling for $10 each before spiking to as high as $70 as of Sunday morning. Meme coins are a strange and highly volatile corner of the crypto industry that often start as a joke with no real value but can surge in price if enough people are willing to buy them.
Crypto-Friendly Regulations and Support
Some crypto enthusiasts hailed the Trump meme coin’s release, saying it’s symbolic of the incoming president’s support for an industry that felt unfairly targeted by the Biden administration. Trump has promised to usher in crypto-friendly regulations and picked crypto cheerleaders for key government positions.
Potential Risks and Criticisms
Critics argued that the Trump meme coin might become a very dangerous way in which special interests and foreign governments will try to buy influence with the president. According to former White House communications director for President Donald Trump, Anthony Scaramucci, “There’s always going to be the risk that the bad guys find a way in.
The Trump meme coin was sold by CIC Digital, an affiliate of the Trump Organization. According to the website of the coin, 200 million Trump meme coins are available currently, and it plans to issue 1 billion in the next three years. CIC Digital and another company together own 80% of the Trump meme coins and will get trading revenue that is derived from trading activities.
Ventures of Trump in Cryptocurrencies and NFTs
Trump and his family previously facilitated the launch of a new venture in trading cryptocurrencies last year. NFTs or nonfungible tokens have not been an untouched area for president-elect Trump; last year he reported between $100,000 and $1 million in earning from a collection of digital trading cards that showcased him in animated images, where he is found as an astronaut, a cowboy, and even a superhero.
Truth Social and Trump’s Net Worth
Trump’s social media company, Truth Social, has also defied traditional notions of value. Despite struggling to raise revenue, the company is currently valued at more than $8 billion as Trump’s supporters help boost the stock price and his net worth along with it.
