Trump launched his own TRUMP meme coin, and the price skyrocketed overnight

President-elect Donald Trump launched his own company Cryptocurrency on Friday, sparking frenzied buying that apparently sent the company’s market value soaring to several billion dollars.

In a message posted on the Truth Social and

“The new official Trump meme is here! It’s time to celebrate everything we stand for: winning!” he books.

Meme currencies have no economic or transactional value and are often viewed as a means of speculative trading.

“This is a Trump meme that celebrates the leader who does not back down, no matter the odds.” The official website of the currency He says.

In the hours following the overnight launch, the cryptocurrency community raised questions about the legitimacy of Trump Coin, and its actual connection to the president-elect, with some fearing fraud.

But the fact that the ads appeared on Trump’s official social media channels appeared to reassure the market, as did the fact that Trump has used one of the companies behind the project, CIC Digital LLC, in the past to sell non-fungible tokens (NFTs). ).

As of mid-morning Saturday, TRUMP’s market cap had reached nearly $6 billion, according to CoinMarketCap.com.

Neither Trump nor the company running the launch, Fight Fight Fight LLC, provided details on how much he made from the first batch of meme coins released.

The coin’s official website said 200 million coins had been issued, with Fight Fight Fight saying an additional 800 million would be added over the next three years.

Once a cryptocurrency skeptic, the president-elect is now a champion of the concept.

Before this new announcement Trump and his sons Donald Jr. and Eric started their own cryptocurrency project – World Liberty Financial – and other members of the incoming administration have previously disclosed investments in and support for cryptocurrencies.

Last summer, Trump spoke at a Bitcoin conference in Nashville, where he pledged to make America the “cryptocurrency capital of the planet” once he returned to the White House.

The meme is Trump’s latest merchandising batch, which has recently included a range of perfumes, colognes, watches and…President Donald J. Trump First EditionHe sold $100 silver coins to celebrate his election victory. He became famous for using a photo of himself Sitting next to First Lady Dr. Jill Biden at the reopening of Notre Dame Cathedral To promote the cologne line.