President-elect Donald Trump launched a new cryptocurrency token that could skyrocket in value and increase his net worth just before taking office. It's the latest anti-conventional promotion from Trump, who has also helped sell branded Bibles, gold sneakers and diamond-encrusted watches.
“It's time to celebrate everything we stand for: victory! Join my special Trump community,” Trump promoted the new token in a social post late Friday. These are sold with a photo of Trump fist-pumping over the words “FIGHT FIGHT FIGHT,” in reference to Trump's response to an assassination attempt at a political rally in July.
While promoting the meme coin, President Trump told his supporters, “Have fun!” The website selling the tokens says the tokens are intended as an expression of support and not as an investment opportunity.
It hasn't stopped people from trying to make money. Trump meme coins started selling for $10 each and had soared to about $70 as of Sunday morning.
Trump's wife, Melania Trump, launched her own meme coin on Sunday morning and promoted it on social media.
Memocoin is a strange and highly volatile corner of the crypto industry that often starts out as a joke with no real value, but the price can skyrocket if enough people want to buy it. . Dogecoin is perhaps best known for its virtual currency whose mascot is a super cute dog that says things like “Awesome!” Meme coins can be used by scammers looking to get rich at the expense of unwary investors.
Some crypto enthusiasts welcomed the release of the Trump meme coin, saying it symbolized the president-elect's support for an industry they felt was unfairly targeted by the Biden administration. President Trump has promised to introduce cryptocurrency-friendly regulations and has appointed cryptocurrency cheerleaders to key government positions.
Critics said the Trump Meme Coin could be a dangerous tool for special interests and foreign governments to try to buy influence over the president.
“Anyone in the world can now deposit money into the bank account of the president of the United States with basically a few clicks,” former Trump communications director Anthony Scaramucci told X.
The Trump Meme Coin sale was organized by CIC Digital, an affiliate of the Trump Organization. According to the coin's website, 200 million Trump meme coins are currently available, with 1 billion planned to be issued over the next three years. CIC Digital and another company jointly own 80% of Trump Meme Coin and will receive “trading revenue from trading activity,” according to the token's website.
The Trump family's businesses recently announced an ethics agreement that prohibits Trump from making “day-to-day” decisions at the Trump Organization while he is president and limits the financial information it shares about its businesses with Trump.
Trump and his family helped launch a new cryptocurrency trading business last year. The president-elect has also dabbled in NFTs (non-fungible tokens), and last year sold a series of digital trading cards featuring cartoon-like images of astronauts, cowboys, superheroes and more for between $100,000 and $100,000. He reported earning an income of $1,000,000. .
Trump's social media company, Truth Social, also challenges traditional values. Despite struggling to turn a profit, the company is now valued at more than $8 billion, as Trump's supporters have helped boost the stock price and thus Trump's net worth. .
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