US President-Elect Donald Trump Launches Own Meme Coin, Value Soars
- Donald Trump has launched his own cryptocurrency, $TRUMP, which saw its market capitalization soar to $6 billion shortly after its release
- The meme coin is designed to capitalize on Trump’s persona and political image, with a total supply of 1 billion coins over the next three years
- Despite initial skepticism, the launch gained credibility through Trump’s official social media endorsements and past use of CIC Digital LLC for NFT sales
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US President-elect Donald Trump has officially launched his own cryptocurrency, $TRUMP, propelling its market capitalization to astonishing heights.
The announcement, made via Trump’s Truth Social platform and X (formerly Twitter), introduced the meme coin as a tribute to his leadership and resilience.
Source: Twitter
Trump's Memecoin sends web3 space agog
Meme coins are typically associated with internet culture and trends, often lacking intrinsic economic value.
However, $TRUMP has quickly gained traction, reaching a market capitalization of nearly $6 billion within hours of its launch. The coin's official site touts it as a celebration of Trump’s unyielding spirit, referencing an assassination attempt against him in July 2024.
The legitimacy of the $TRUMP coin initially faced skepticism from the cryptocurrency community, with fears of it being a scam. However, Trump’s direct endorsement on his official social media channels and his prior collaboration with CIC Digital LLC, a company he used for NFT sales, helped ease concerns.
Trump to pump more coins in three years
The initial release comprised 200 million meme coins, with an additional 800 million slated for distribution over the next three years, according to Fight Fight Fight LLC, the firm managing the launch. At current market rates, the unreleased coins could be valued at approximately $24 billion.
While neither Trump nor Fight Fight Fight LLC disclosed the financial gains from the initial coin release, the launch highlights the president-elect’s shift in stance on cryptocurrency.
Previously critical of digital assets, Trump reversed his position during his 2024 presidential campaign, pledging to foster growth in the sector by loosening regulatory constraints.
This isn’t Trump’s first foray into the crypto space. In October, businessmen linked to him launched World Liberty Financial, a cryptocurrency platform.
The introduction of $TRUMP further solidifies Trump’s embrace of digital currencies as a tool to bolster his political and business image.
Trump to face hush-money sentencing
Earlier, Legit.ng reported that a judge in New York again denied Trump the ability to dismiss his hush money conviction due to his election victory.
The judge, Juan Merchan, ordered Trump to appear in court for sentencing on Friday, January 10, 2025.
Merchan signalled in a written decision that he would sentence the former and future president to what is known as a conditional discharge, in which a case gets dismissed if a defendant avoids re-arrest.
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Source: Legit.ng
