The cryptocurrency is worth $31 billion overnight
Just days before his second meeting opening, President-elect Donald Trump He issued a cryptocurrency meme in memory of his response to Assassination attempt July 2024.
The new TRUMP meme — a type of cryptocurrency — was launched on Friday night with posts on Trump’s account Truth social media platform And on X, the social network formerly known as twitter. Depending on the location of the currency, gettrumpmemes.comThere are 200 million Trump coins available now, with plans to acquire $1 billion over the next three years.
The site describes Trump as a “crypto president,” and the coin depicts the president-elect “with his fist in the air and his famous battle cry FIGHT FIGHT FIGHT,” as Trump shouted afterward. The assassination attempt that occurred on July 13, 2024 in Butler, Pennsylvania.
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What is Mimi coin?
Meme coins are a type of cryptocurrency usually inspired by Internet memesIt is often a popular culture image or trend. A popular meme starring the Japanese dog Kapusu who became a popularityr meme online In early 2010.
Then in 2013, Kapuso became the face of Dogecoinwhich became one of the most popular “meme stocks” during the COVID-19 retail boom. Elon Musk Famous for changing the Twitter logo to the Dogecoin logo in April 2023, CNBC reported earlier.
Trump named Musk and the businessman Vivek Ramaswamy To participate in leading the new Department of Government Efficiency (DOGE).
How much is the new Trump coin?
On Saturday at 1 p.m. ET, Trump Coin was trading at around $31, according to the cryptocurrency exchange. GeckoTerminal. The site said that when trading began, the value of the coin was 18 cents.
The fully diluted Trump coin had a value of about $31.37 billion and a market capitalization of more than $6.27 billion, as of Saturday afternoon.
“Trump Coin has taken the crypto world by storm, potentially positioning itself to challenge Dogecoin’s supremacy in the meme ecosystem,” London-based fintech analyst Boaz Sobrado wrote. Forbes.com.
“The stunning launch of the $Trump coin caught the entire industry by surprise, and speaks to Trump’s personal influence and the rise of cryptocurrency in his administration,” he wrote. Axios reporters Ben Berkowitz and Brady Dale.
They said Trump’s cryptocurrency move quickly generated more than $25 billion for himself and his companies on paper.
According to the coin’s website, CIC Digital LLC, a subsidiary of the Trump Organization, and Fight Fight Fight LLC, jointly owned by CIC Digital, collectively own 80% of the coins. The coins are subject to a 3-year unlock schedule, which means that these collectibles cannot be unlocked all at once. Axios reported.
When the Trump coin ad appeared on social media, there were “serious questions about the legitimacy” of the cryptocurrency, The Guardian reported. A brief news site about cryptocurrencies. But the new project is more likely the work of those who helped with Trump’s “America First” group. Digital trading cardsaccording to the site.
Investors should remember that cryptocurrencies can be volatile. Those who purchase the new currency must agree to terms and conditions including agreeing not to file class action lawsuits in the future, a move to help reduce financial risks for the company and issuers. Newsweek reported.
Trump merch: sneakers, Bibles, non-fungible tokens, and now meme coins
These are just the latest Trump trade offers, which included… Trump sneakers, Victory cologneAnd watches – including one model worth $100,000 – and Gospels.
You can buy Trump Coin using Moonshot application. There may be more cryptocurrency offerings during Trump’s term. Paul Atkins, his choice for president US Securities and Exchange Commissionis considered a friend of cryptocurrencies compared to outgoing Democratic SEC Chairman Gary Gensler.
Trump is considering creating Bitcoin Strategic Reservewhich is considered The first successful digital currency.
Forbes’ Sobrado wrote that Trump’s cryptocurrency deals are a natural progression to build his brand, which has included Trump’s hotels and casinos.
“The emergence of a presidential meme may seem unprecedented, but in the context of the history of leveraging Trump’s brand, it follows a familiar pattern,” he wrote. “The president has consistently demonstrated his ability to monetize his personal brand. What is different this time is not the strategy, but the means — and, ironically, the regulatory environment that made it possible.”
Contributing: Jonathan Limehouse and Billy Schulz, USA TODAY
Follow Mike Snyder on Threads, Bluesky, and X: com.micegsnider &@mikegsnider.bsky.social &@mikesnider.
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2025-01-18 21:19:00
