Donald Trump launches a new meme coin days before his inauguration
Top line
The value of the new coin launched by President-elect Donald Trump on Friday surpassed the market cap of $5 billion, marking Trump’s latest venture into cryptocurrency and merchandise sales in the run-up to his inauguration.
The president-elect’s latest venture into cryptocurrency comes just days before his inauguration.
Basic facts
Trump announced the launch of his meme currency, $TRUMP, on Truth Social mail late Friday, saying the cryptocurrency was celebrating “winning” the presidential election and his upcoming inauguration.
Trump’s price rose more than 300% to just under $29 as of 10:15 a.m. EST on Saturday, reaching a market cap of $5.81 billion. According to To Coin Market Cap.
Solana, a cryptocurrency and blockchain platform, developed a meme coin and set a supply of TRUMP coins at 200 million coins at launch before expanding the total supply to 1 billion over the next three years, according to Coin Data. Website.
The remaining 80% of the tokens that have not yet been publicly released are owned by the Trump Organization’s CIC Digital LLC and Fight Fight LLC, a company incorporated in Delaware on January 7, according to state filings, and both companies will receive a financial reward. An undisclosed amount of revenue derived from trading activity.
The token’s website includes a disclaimer stating that $TRUMP “is not intended to be or be the subject of” an investment opportunity or security of any kind, and is “non-political and has no connection” with any political campaign, political office or government agency.
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Big number
$6.64 billion. This is the trading volume of $TRUMP since the token was launched as of Saturday morning.
Main background
Trump, whose election campaign was supported by several billionaires with ties to the cryptocurrency industry, has claimed that he wants the United States to become the “cryptocurrency capital of the planet.” His election victory sent Bitcoin soaring to several new highs, surpassing $100,000 within a month of Election Day. Nearly $1.8 trillion has been added to the total market cap of the global cryptocurrency market in 2024, including $1 trillion since Election Day, according to CoinGecko.
What cryptocurrency policies has Trump proposed?
Trump did He said He will use his executive powers to reduce regulatory burdens facing cryptocurrency companies, including forming a new cryptocurrency advisory board. The president-elect has risen It is said It plans to unveil an executive order declaring cryptocurrency a political priority while advising government agencies to work with the industry. This would also happen It consolidates Bitcoin reserve, allowing the federal government to buy and sell cryptocurrencies. News of Trump’s plans for the cryptocurrency industry sent the price of bitcoin soaring to more than $105,000 on Friday, the highest price for the coin in nearly a month.
Shadow
Trump’s meme coin is his latest commodity push in recent years. addition To a collection of perfumes, colognes, and “Trump watches” to celebrate his election victory. He launched a line of “Trump watches” worth up to $100,000 in September, after the debut of $100 silver coins, 1,000 pairs of limited-edition sneakers, Trump-branded Bibles and $60 NFT cards. Most of the revenue Trump received from his merchandise came from NFTs, which… It is said It earned him about $7.2 million in licensing fees. Trump’s latest batch of signed and unsigned guitars sold for $11,500 and $1,500 each, respectively, generating combined sales of $4.6 million.
Further reading
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2025-01-18 18:49:00
