President-elect Trump launched his own meme cryptocurrency ahead of his inauguration

President-elect Trump Trump surprised the $3.5 trillion cryptocurrency industry on Friday night, when he announced the launch of his own cryptocurrency called Trump Coin.

The launch is on track to become one of the most successful launches in history. In less than 24 hours, Trump Coin rose from just a few cents to around $30, representing a staggering 12,000% increase.

It now has nearly $6 billion in market capitalization and has seen trading volume in the billions. It is also now ranked in the top 30 The largest cryptocurrencies In the world in terms of market value.

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The announcement comes a few days before Trump’s inauguration on Monday. Trump personally announced the coin’s unveiling on his own page Social truth X accounts at 9:45 PM ET on Friday, while industry bigwigs were celebrating his return to office at the inaugural Crypto Ball in Washington, DC

Trump promises to be the most crypto-friendly president in history, and he has pledged otherwise Biden administration So-called regulation by suppressing enforcement on major players in the industry.

Attendees at the party included CEOs of various cryptocurrency platforms, politicians, and a handful of members of Trump’s new cabinet and his son, Donald Trump Jr.

When the news spread, some attendees were skeptical, speculating that the president-elect’s accounts had been hacked. Donald Trump Jr., who was supposedly aware of the announcement, was cordoned off in a special VIP section. It is unclear whether he spoke to anyone there about the Trump coin.

“The new official Trump meme is here! It’s time to celebrate everything we stand for: winning! Join the very special Trump community,” The post said, Add a link to a website where visitors can purchase the token using a debit card or cryptocurrency.

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Trump has not commented on the currency since the original announcement. His son Eric Trump posted At X on Saturday afternoon That the currency is “the hottest digital meme on Earth.” President-elect X’s account reposted his son’s comments.

Two spokesmen for Trump’s transition team did not respond to a request for comment.

The coin, which has the trading ticker TRUMP, is known as a “meme coin,” a type of highly speculative cryptocurrency that has no inherent utility and is often created based on a joke or parody, such as PEPE, a meme. From the cartoon frog, which has a market value of more than $7 billion.

Sophisticated investors are often wary of meme currencies, not only because of their wild price fluctuations, but because of their tendency to be associated with scammers looking to make a quick profit on overzealous investors. Last month, investors sued social media influencer Haley Welch, known as the “Hawk Toa Girl,” when the price of her meme coin, the Hawk Coin, collapsed within hours of its launch, resulting in millions in losses.

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According to the coin’s website, the Trump Organization’s affiliates, CIC Digital LLC and Fight Fight LLC, collectively own 80% of the coins in circulation, meaning that as the price of the token rises, holders will see significant gains. The site does not say who will be on the receiving end of the profits.

However, the fact that Trump is making money from retail investors could raise red flags for regulators and senators like Elizabeth Warren, a fierce critic of the cryptocurrency industry.

Last summer, another meme coin, DJT, rumored to be tied to the president-elect, was introduced on the Solana blockchain. The currency was created by convicted fraudster “Pharma Bro” Martin Shkreli and not Trump or his son Barron, as Shkreli claimed.

Trump’s announcement has received mixed reviews so far. Some of his loyal fans in the cryptocurrency community are applauding the move, saying it promotes the Solana blockchain and will likely bring new users into the cryptocurrency space who want to own a piece of the first cryptocurrency-friendly President’s token.

Others are openly criticizing it, with some even calling it an unjustified cash grab by Trump, who has already received millions from the cryptocurrency industry on the campaign trail after courting it with promises of deregulation.

But major exchanges like Kraken already make the token available for trading on their platform. It is unclear whether Coinbase, the country’s largest cryptocurrency exchange, will follow suit.

Meanwhile, Trumpcoin investors have already made massive returns from the rapid price increase. One trader made $1.1 million from an initial investment of $150,000, and another turned $800 into $310,000, according to financial newsletter The Kobeissi Letter.

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“Whether you agree with this move or not, the fact of the matter is that the leader of the free world has put his stamp of approval on Solana and on meme culture,” said Frank Chaparro, director of special projects at the cryptocurrency publication. roadblock.

Perhaps coincidentally, Trump chose to introduce the meme on SEC Chairman Gary Gensler’s last day in office.

Gensler, who has cracked down on digital assets, will be replaced by Trump’s most crypto-friendly pick, attorney Paul Atkins.