This memecoin shot up in value overnight, possibly adding billions to his net worth right before he takes office.
Fresh from President-elect Donald Trump’s Posts on X and his Social Media Site, a New Cryptocurrency Token Surged Past $5 Billion in Market Cap on Saturday Afternoon.
The memecoin, which Trump has Been Openly Promoting, Now Boasts Over $11 Billion in Trading Volume.
A Company Owned by Trump, CIC Digital LLC, Holds 80% of the Coin’s Supply, Which Currently Stands at 200 Million Tokens.
Trump’s Involvement in the Launch Raises Eyebrows, Given his Previous Ventures, Such as Selling Trading Cards and having his Sons Start a Digital Asset Company in 2023.
As he Prepares to Take Office, Trump has Expressed Support for the Crypto Industry and Pledged to Alter Digital Asset Regulations.
By Saturday Afternoon, the Memecoin's Value Crossed $27 Billion if All Tokens Were in Circulation, Placing Over $20 Billion Worth of the Asset with Trump's Company.
While Trump Promoted the Coin, Key Figures from the Crypto Realm Attended an Unofficial Inaugural Ball, Where his Incoming Crypto Czar, David Sacks, Declared the End of the “Reign of Terror Against Crypto.”
However, Ethics Watchdogs and Some Within the Crypto Industry Raised Concerns About the President-elect's Business Launch, Fearing Conflicts of Interest and Potential Damage to the Industry.
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