President-elect Donald Trump Has Launched a New Cryptocurrency Token That Is Soaring in Value

It's the latest norm-defying promotion by Trump, who has also helped sell branded bibles, gold sneakers and diamond-encrusted watches.

President-elect Donald Trump has launched a new cryptocurrency token that is quickly rising in value.

The tokens, which are being sold for $10 each, feature an image of Trump making a fist with the words “FIGHT FIGHT FIGHT” above him. They are being marketed as a way to show support for Trump and his policies.

“It’s time to celebrate everything we stand for: WINNING!” Trump wrote in a social post late Friday promoting the new tokens.

In promoting the meme coin, Trump told supporters to “Have Fun!” The website selling the tokens says they are meant as expressions of support and not an investment opportunity.

However, that hasn’t stopped people from attempting to profit from the tokens. According to data from CoinGecko, Trump meme coins began selling for $10 before skyrocketing to about $70 as of Sunday morning.

Trump meme coins are the latest in a line of products that Trump has helped sell, including branded bibles, gold sneakers and diamond-encrusted watches.

Meme coins are a relatively new and highly volatile segment of the crypto market that frequently begins as a joke with no inherent value. But if enough people are willing to buy them, their prices can soar.

Dogecoin, the cryptocurrency whose mascot is a super-cute dog that muses things like “much wow,” is perhaps the most well known. Meme coins can also be used by fraudsters looking to make a quick fortune at the expense of gullible investors.

Some crypto enthusiasts welcomed the release of the Trump meme coin, arguing that it is symbolic of the incoming president’s support for an industry that felt unfairly targeted by the Biden administration.

Trump has pledged to introduce crypto-friendly regulations and has appointed crypto cheerleaders to key government positions.

Critics, on the other hand, expressed concern that the Trump meme coin could be a dangerous way for special interests and foreign governments to attempt to influence the president.

“Now anyone in world can essentially deposit money into bank account of President of USA with a couple clicks,” Anthony Scaramucci, a former Trump White House communications director, said on X.

The sale of Trump meme coin was handled by CIC Digital, an affiliate of the Trump Organization.

According to the token’s website, 200 million Trump meme coins are currently available for purchase, with plans to issue 1 billion over the next three years.

The website also states that CIC Digital and another company collectively own 80% of the Trump meme coins and will receive “trading revenue derived from trading activities.”

The Trump family business recently released an ethics agreement that prohibits Trump from making “day-to-day” decisions at the Trump Organization while he is president and limits the financial information about the business shared with him.

Trump and his family previously assisted in the launch of a new venture to trade cryptocurrencies last year.

The president-elect has also dabbled in NFTs, or nonfungible tokens. Last year, he reported earning between $100,000 and $1 million from a series of digital trading cards that depicted him in cartoon-like images, such as an astronaut, a cowboy and a superhero.

Trump’s social media company, Truth Social, has also defied traditional notions of value. Despite having difficulty generating 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.