New Cryptocurrency Launched by President-elect Donald Trump Surges to a Value of More than $68 Billion

The new cryptocurrency, launched by President-elect Donald Trump, has surged to a value of more than $68 billion, making it the 19th largest cryptocurrency globally.

Newly launched by President-elect Donald Trump, a meme cryptocurrency, $TRUMP, has soared to a value of over $68 billion, ranking among the top 19 cryptocurrencies globally.

On Friday, President-elect Donald Trump made headlines with the launch of his first cryptocurrency, a meme coin named $TRUMP. Since its debut, $TRUMP has seen remarkable success, quickly rising to become the 19th largest cryptocurrency on the market. According to CoinGecko, the coin was valued at more than $68 billion by Sunday afternoon, with each coin priced at over $68.

Trump's Cryptocurrency Journey

This cryptocurrency marks a significant shift in Trump's stance on digital currencies. Previously, the incoming president had expressed skepticism towards Bitcoin, describing it as “based on thin air.” Yet, with the introduction of $TRUMP, he is venturing into the world of cryptocurrencies in a bold new way.

In July 2024, Trump's presence at the largest cryptocurrency convention signaled his growing interest in the digital currency realm. Following this event, he has continuously shown support for cryptocurrency, including appointing Howard Lutnick—a supporter of the cryptocurrency company Tether—to lead the US Commerce Department. Lutnick is among several crypto enthusiasts who have joined Trump's administration.

The Rise of Trump Meme Coins

The $TRUMP coin belongs to a category known as meme coins, a type of cryptocurrency that is typically volatile in nature. These coins often capitalize on internet trends, cultural memes, and prominent public figures to gain popularity. According to the official website of $TRUMP, it is branded as “the only official Trump meme,” celebrating the president's image.

“Now, you can get your piece of history. This Trump Meme celebrates a leader who doesn’t back down, no matter the odds,” states the website, highlighting the coin's identity as a reflection of Trump's personality and political persona.

At present, $TRUMP has a circulating supply of 200 million coins, giving it a market capitalization of around $13 billion. The coin's official website also mentions that the total supply will eventually reach 1 billion Trump coins over the next three years, further generating interest in the cryptocurrency's long-term growth.

Meme Coin Ownership and Control

While the website claims that the $TRUMP meme coin is not politically affiliated, there are some interesting details regarding the coin's ownership structure. Two entities connected to Trump, CIC Digital and Fight Fight Fight LLC, own roughly 80% of the coin's supply. These organizations are subject to a three-year unlocking schedule, which prevents them from immediately selling their holdings. This restriction aims to avert sudden market flooding and ensure the coin's value remains stable over time.

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