His release of the meme coin, $Trump, comes as he prepares to take office on Monday as 47th president of the US.
CIC Digital LLC and Fight Fight Fight LLC, a company formed in Delaware earlier this month, own 80% of the tokens.
“My NEW Official Trump Meme is HERE!
Trump wrote on his social media platform Truth Social as he announced the meme coin on Friday night.
“This Trump Meme celebrates a leader who doesn’t back down, no matter the odds,” the website said.
Following the launch of his cryptocurrency, US President-elect Donald Trump saw its market capitalization soar to several billion dollars.
As he gets ready to become the 47th president of the United States on Monday, he has released the meme coin, $Trump.
The project was organized by CIC Digital LLC, a Trump Organization affiliate that has experience selling shoes and fragrances bearing the Trump name.
Although meme coins are incredibly volatile investments with no inherent value, they are used to increase the popularity of a viral online trend or movement.
Hours after its launch, on Saturday afternoon, CoinMarketCap . com reports that $Trump’s market capitalization had nearly reached $5.5 billion (£4.5 billion).
Fight Fight Fight LLC, a Delaware-based company that was established earlier this month, and CIC Digital LLC own 80 percent of the tokens. How much money Trump could earn from the venture is unknown.
On Friday night, Trump announced the meme coin on his social media platform Truth Social, writing, “My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING!”.
The coin’s website stated that about 200 million digital tokens have already been distributed and that an additional 800 million will be made available over the course of the following three years.
The website stated that “This Trump Meme celebrates a leader who doesn’t back down, no matter the odds,”.
Trump is the target of thousands of protests in Washington.
A disclaimer stated that the coin was “not political and has nothing to do with” any political campaign, government office, or government agency, and that it was “not intended to be, or the subject of” an investment opportunity or security.
Trump’s detractors charged him with taking advantage of the presidency.
Crypto venture capitalist Nick Tomaino wrote on social media, “Trump owning 80 percent and timing launch hours before inauguration is predatory and many will likely get hurt by it.”.
With these digital tokens, speculators are known to inflate their value through hype before selling at the peak of the market, leaving latecomers to tally their losses when the price plummets.
The Trump administration is expected to help the cryptocurrency industry, according to cryptocurrency investors.
In their crackdown on cryptocurrency companies, President Joe Biden’s regulators sued exchanges, citing worries about fraud and money laundering.
Despite his initial hesitancy toward cryptocurrencies, Trump declared last year at a Bitcoin conference in Nashville that America would become “the crypto capital of the planet” after he returned to Washington.
Donald Jr. and Erik, his sons, announced their own cryptocurrency business last year.
