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Trump meme coin linked to President-elect Donald Trump has taken the cryptocurrency market by storm, showcasing its meteoric rise and equally sharp volatility.
A cryptocurrency linked to President-elect Donald Trump has taken the market by storm, showcasing its meteoric rise and equally sharp volatility. Dubbed the "Trump Meme Coin," the digital token has witnessed an extraordinary surge of 600 percent in value within 36 hours of its launch.
The sale of Trump meme coin was organized by CIC Digital, an affiliate of the Trump Organization. The initial price of the token was set at $10 per coin, but its value skyrocketed to $70 as of Sunday. However, the rally proved short-lived, with the coin’s value tumbling later on Monday following posts by Trump and his wife, Melania Trump, promoting a separate "Melania coin."
“It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community,” Trump said in a social media post early Saturday morning.
The sale of Trump meme coin was organized by CIC Digital, an affiliate of the Trump Organization. The initial price of the token was set at $10 per coin, but its value skyrocketed to $70 as of Sunday. However, the rally proved short-lived, with the coin’s value tumbling later on Monday following posts by Trump and his wife, Melania Trump, promoting a separate "Melania coin."
“It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community,” Trump said in a social media post early Saturday morning.
Rs 10,000 Becomes Rs 70,000 in Hours
Assuming an exchange rate of Rs 86.46 to the US dollar, a Rs 10,000 investment at the $10 initial price would have yielded approximately 11.56 Trump meme coins. At $70 per coin, the investment’s value would have risen to around Rs 69,930.
The calculation:
Initial investment in USD: Rs 10,000 ÷ Rs 86.46 = $115.63
Number of coins purchased: $115.63 ÷ $10 = 11.56 coins
Final value in USD: 11.56 × $70 = $809.41
Final value in INR: $809.41 × Rs 86.46 = ₹69,930 (approx.)
The Trump meme coin’s website describes the token as a symbolic expression of support rather than an investment opportunity.
However, traders flocked to the token to capitalize on its rapid price movement. The coin is part of a planned issuance of one billion tokens over the next three years, with 200 million currently in circulation. According to the website, CIC Digital and its partner company collectively own 80% of the tokens and are entitled to revenue generated from trading activities.
Understanding Meme Coins
Meme coins are a niche within the crypto industry, often starting as humorous or satirical projects with no intrinsic value. Their prices, however, can skyrocket if they gain popularity, driven by social media trends and speculative trading. Dogecoin, which originated as a joke, is a prime example of how a meme coin can achieve widespread recognition and valuation.
Trump has promised to usher in crypto-friendly regulations and picked crypto cheerleaders for key government positions.
Critics said the Trump meme coin could be a dangerous way for special interests and foreign governments to try and buy influence with the president.
(With Inputs from AP)
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！
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