Trump’s crypto memecoin hits $19b after just 3 days

A token that President-elect Donald Trump debuted on his social media accounts on Friday night has attracted billions of dollars of trading volume alongside concerns about conflicts of interest.

A cryptocurrency memecoin that President-elect Donald Trump debuted on his social media accounts on Friday night has attracted billions of dollars of trading volume, sparking concerns about conflicts of interest.

Trading under the “Trump” ticker on the Solana blockchain, the token’s price has rallied from mere cents on the dollar to as much as $75.35, according to data from aggregator CoinMarketCap. As of mid-morning in New York, the token hovered around $60 with a market value of more than $12 billion ($19 billion).

The token’s debut was met with fanfare from some Trump supporters on social media, who touted the launch and shared screenshots of their trades. But others raised concerns about the potential for conflicts of interest, given Trump’s family’s involvement in his administration and the possibility that he could use his position to benefit his own financial interests.

One user on the Steemit blogging platform wrote that the token’s launch was “a clear indication that Trump is using his presidency to enrich himself and his family.” Another user on the cryptocurrency forum Bitcointalk said that the token was “a scam” and that people should “stay away.”

The Trump campaign did not immediately respond to a request for comment on the token’s launch.

Memecoins are a type of cryptocurrency that are typically created as a joke or parody. They often feature images or references to popular internet memes, and their value is usually driven by speculation rather than any underlying fundamentals. Some memecoins, such as Dogecoin, have gone on to achieve significant market valuations despite their whimsical origins.

The launch of the Trump memecoin comes at a time of heightened interest in cryptocurrencies, which have seen their prices and trading volumes surge in recent months. Bitcoin, the world’s largest cryptocurrency, hit a record high of nearly $70,000 in November, and other cryptocurrencies have also seen strong gains.

However, the rally in cryptocurrencies has also sparked concerns about a bubble in the market, and some regulators have warned investors to be cautious about putting their money into these volatile assets.