Meme coins are typically associated with internet culture and trends, often lacking intrinsic economic value. However, $TRUMP has quickly gained traction, reaching a market capitalization of nearly $6 billion within hours of its launch.
US President-elect Donald Trump has launched his own cryptocurrency, $TRUMP, which has quickly reached a market capitalization of nearly $6 billion.
The meme coin was announced by Trump on his Truth Social platform and X (formerly Twitter), describing it as a tribute to his leadership and resilience. Meme coins are usually linked to internet culture and trends, and often lack intrinsic economic value.
However, $TRUMP has gained rapid traction, largely due to Trump's endorsement on his official social media channels and his previous collaboration with CIC Digital LLC, a company he used for NFT sales, which helped ease concerns over the coin's legitimacy.
The initial release included 200 million meme coins, with an additional 800 million slated for distribution over the next three years, according to Fight Fight Fight LLC, the firm managing the launch. At current market rates, the unreleased coins could be valued at approximately $24 billion.
While neither Trump nor Fight Fight Fight LLC disclosed the financial gains from the initial coin release, the launch highlights the president-elect's shift in stance on cryptocurrency. Previously critical of digital assets, Trump reversed his position during his 2024 presidential campaign, promising to foster growth in the sector by loosening regulatory constraints.
This isn’t Trump’s first venture into the crypto space. In October, businessmen linked to him launched World Liberty Financial, a cryptocurrency platform. The introduction of $TRUMP further solidifies Trump's embrace of digital currencies as a tool to bolster his political and business image.
In other news, Legit.ng reported that a judge in New York once again denied Trump the ability to dismiss his hush money conviction due to his election victory.
The judge, Juan Merchan, ordered Trump to appear in court for sentencing on Friday, January 10, 2025.
Merchan signaled in a written decision that he would sentence the former and future president to what is known as a conditional discharge, in which a case gets dismissed if a defendant avoids re-arrest.
