U.S. President-elect Donald Trump has launched his own meme coin ahead of his inauguration. This coin reached the 19th position in cryptocurrency market capitalization within two days of its release.
Trump announced the launch of the meme coin $TRUMP via social media on the 17th. Meme coins are speculative cryptocurrencies created based on parodies or jokes without intrinsic utility. Eric Trump, his second son, promoted the coin as "the hottest digital meme in the world" through an online post the next day, and Trump's X (formerly Twitter) account retweeted it. The official promotional website for $TRUMP states it as "the only official Trump meme."
According to the cryptocurrency information site CoinMarketCap, as of 2:32 AM on the 19th, the price of the $TRUMP coin rose by 230% from 24 hours ago to $45.91. Its market capitalization reached $9.18 billion (approximately 13.4 trillion won), ranking 19th among all cryptocurrencies. U.S. media outlet Fox Business reported that the $TRUMP coin, which was only a few cents at launch, had already recorded an 18,000% increase when it rose to $33.87.
The sharp rise in the price of the $TRUMP coin has raised concerns about potential conflicts of interest, as significant profits may accrue to the Trump Group. According to the coin's website, 80% of the total coins are held by two entities: FightFightFight, a Trump Group affiliate where Eric serves as Executive Vice President, and CIC Digital.
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