President-elect Trump announced a new meme coin, sparking a buying frenzy that sent the token soaring more than 300% within hours.
Buyers rushed to get their hands on the limited cryptocurrency $TRUMP after the president-elect announced the buying opportunity in a post to the president Friday at 9 p.m. true society.
“It's time to celebrate everything we stand for: victory! Join my special Trump community. Get your $TRUMP now,” Trump I wrote.
“enjoy!”
The new token's initial price of $0.18 skyrocketed to $7.1 shortly after its launch, before peaking at $21.51. Business Today reported.
The market capitalization of $TRUMP coin has reached $8 billion, with trading volume approaching $1 billion.
Only 200 million coins were sold at launch, but the supply is expected to grow to 1 billion over the next three years.
It's unclear how much profit Trump made after Friday's coin release. Representatives for the president-elect did not respond to The Post's request for comment.
The business is the latest in a series of products released by the Trump Organization in recent months, which also sells Trump-branded sneakers, fragrances, Bibles and digital trading cards.
The $TRUMP cryptocurrency is being touted as a “piece of history” that “celebrates leaders who refuse to back down no matter the odds.” According to the website.
Poster battle that says “Fight!” Fight” – The coin's ad depicts a slimmer-looking Trump with a raised fist, an apparent reference to the assassination attempt.
But the fine print also says the coin is “not political and has no connection to any political movement, office, or government agency.”
“The Trump meme is intended to serve as an expression of support for and commitment to the ideals and beliefs embodied by the symbol “$TRUMP” and associated artwork, and is intended to be: It is not intended to be a subject. Investment Opportunities, Investment Contracts and Securities of all Kinds,” the fine print warns at the bottom of the webpage.
The cryptocurrency was launched just two days before President Trump's inauguration, hours after the president-elect announced that the swearing-in ceremony would be held indoors due to the frigid temperatures expected to hit the nation's capital.
President Trump, 78, will stay at Blair House on Sunday night and will have tea with outgoing President Biden on Monday morning before heading to the Capitol.
