CIC Digital and Another Company Have Amassed a Dominant 80% Stake in Trump-Themed Meme Coins

Critics have lambasted the Trump family for their late-game leap onto the cryptocurrency bandwagon, shedding light on their disapproval via X.

A company called CIC Digital has obtained a large stake in a meme coin that is themed after former U.S. President Donald Trump, according to a report by Axios on Monday.

The token, dubbed MAGA Coin, is designed to capitalize on Trump's enduring popularity among a section of the public, particularly those who continue to support his political aspirations.

As noted on the token's website, it is poised to generate revenue for its holders through "trading revenue derived from trading activities."

However, the venture has drawn criticism from some quarters, with user comments on the 4chan message board expressing disapproval of the Trump family's belated entry into the cryptocurrency domain.

"This is what you do hours before the inauguration? You're a shameless grifter just like your husband," wrote one user.

Another user highlighted the rapid devaluation of the coin, commenting, "Your husband's coin lost 1/3 of its m cap immediately after your initial post lol."

Trump's relationship with cryptocurrency has undergone a notable shift over time. In the past, he has expressed skepticism and even labeled crypto a "scam."

However, during his 2024 presidential campaign, Trump made a significant departure from his previous stance. Not only did he embrace cryptocurrencies, but he also became the first presidential candidate to accept crypto donations.

As reported by The Hill, Trump's campaign authorized donations in "any cryptocurrency accepted through the Coinbase Commerce product" for its joint fundraising committees.

On Friday night, David Sacks, an associate of Trump, hosted the Crypto Ball in Washington D.C.

Considering the substantial financial support crypto sectors provided during the last election, there is anticipation regarding their agenda for Trump's potential future term.

On Monday, Trump and his supporters are set to gather at the Capital One Arena in D.C. for his inauguration ceremony.

Due to weather conditions, the inauguration festivities, which were initially planned to take place on the West Front of the U.S. Capitol, have been shifted to a more confined space within the Capitol Rotunda, as reported by ABC News.

"I have ordered the Inauguration Address, in addition to prayers and other speeches, to be delivered in the United States Capitol Rotunda, as was used by Ronald Reagan in 1985, also because of very cold weather," Trump announced on his social media platform, Truth Social, on Friday.