Donald Trump has introduced a new cryptocurrency token, sparking excitement and controversy. Its value is rising fast, boosting his wealth as his inauguration approaches. This is one of Trump’s many bold moves, following his past ventures with branded products like bibles, gold sneakers, and luxury watches.
“Winning!” Trump promotes his new crypto token
On Friday, Trump urged his supporters to join his “special Trump Community” in a social media post. He advertised the meme coin with an image of Trump raising a fist next to the words “FIGHT FIGHT FIGHT.” This message recalls his response to a July political rally incident.
Trump explained that the coin is meant to be fun and symbolic, not an investment. However, buyers quickly started trading the tokens. Initially priced at $10, the tokens jumped to $70 before falling to $5 after Melania Trump launched her own coin.
What Are Meme Coins?
Meme coins are a unique and risky part of the crypto world. They often start as jokes with no actual value but can gain popularity and surge in price. Dogecoin, featuring a cute dog mascot, is the most famous example. However, scammers sometimes use meme coins to take advantage of inexperienced investors.
Supporters and Critics React
Crypto enthusiasts see Trump’s meme coin as a sign of his support for the industry. Many believe his administration will favor crypto-friendly policies and boost the sector.
Critics, however, warn about the risks. Anthony Scaramucci, a former White House official, said the coin allows anyone to send money to the president easily, raising ethical concerns.
Trump’s Business and Crypto Ventures
CIC Digital, a Trump Organization affiliate, manages the sale of Trump’s meme coin. So far, 200 million coins are available, with plans to release 1 billion over three years. CIC Digital and another company own 80% of the tokens and benefit from trading revenue.
Trump has promised not to be involved in the Trump Organization’s daily operations as president. However, he and his family continue exploring the crypto world. Trump has previously launched NFTs, earning up to $1 million from digital trading.