President-elect Donald Trump has launched a new cryptocurrency token whose value is skyrocketing, and potentially increasing his net worth, just before his takeover. It’s the latest promotion to challenge the norms of Trump, who has also helped sell branded products. bibles, gold sneakers and encrusted with diamonds watches.
“It’s time to celebrate everything we stand for: WINNING! Join my very special Trump community,” Trump said in a social post Friday night promoting the new tokens. They are marketed with an image of Trump with his fist raised superimposed on the words “FIGHT, FIGHT, FIGHT,” a reference to Trump’s response to an assassination attempt at a political rally in July.
Promoting the meme coin, Trump told his followers: “Have fun!” The website that sells the tokens says they are expressions of support and not an investment opportunity.
That hasn’t stopped people from trying to make money. Trump meme coins started selling for $10 each before skyrocketing to around $70 on Sunday morning.
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Trump’s wife, Melania Trump, launched her own meme coin on Sunday morning, which she promoted on social media.
Memo coins are a strange and highly volatile corner of the cryptocurrency industry that often start out as a joke with no current value, but can rise in price if enough people are willing to buy them. Dogecoin, the cryptocurrency whose mascot is a super cute dog that muses things like “very wow,” is perhaps the best known. Meme coins can be used by scammers looking to make a quick fortune at the expense of unsuspecting investors.
Some cryptocurrency enthusiasts praised the launch of the Trump meme coin, saying it is a symbol of the the support of the incoming president for an industry that felt unfairly attacked by the Biden administration. Trump promised to introduce crypto-friendly regulations and chose cryptocurrencies cheerleaders for key government positions.
Critics said the Trump meme currency could be a dangerous way for special interests and foreign governments to try to buy influence with the president.
“Now anyone in the world can basically deposit money into the bank account of the president of the United States with a couple of clicks,” said Anthony Scaramucci, former Trump White House communications director. said in X.
The sale of the Trump meme coin was organized by CIC Digital, an affiliate of the Trump Organization. The coin’s website said there are currently 200 million Trump meme coins available, with plans to issue 1 billion over the next three years. CIC Digital and another company collectively own 80% of the Trump meme coins and will receive “commercial income derived from commercial activities,” according to the token’s website.
The Trump-acquainted company recently published a ethics agreement which prohibits Trump from making “day-to-day” decisions at the Trump Organization when he is president and limits financial information about the business that is shared with him.
Trump and his family previously helped launch a new company to trade cryptocurrencies last year. The president-elect has also dabbled in NFTs, or non-fungible tokens, and last year reported earning between $100,000 and $1 million from a series of digital trading cards that portrayed him in cartoon-like images, including as an astronaut, cowboy, and superhero.
Trump’s social media company, Fact Social, has also challenged traditional notions of value. Although struggling To boost revenue, the company is currently valued at more than $8 billion, as Trump supporters help boost the stock price and, with it, his net worth.
