[ad_1]
US President-elect Donald Trump has launched a new cryptocurrency, $TRUMP, just days before his inauguration. The digital asset has already drawn significant attention, with its soaring value and connections to Trump’s political and business ventures raising ethical questions.
What is $TRUMP meme coin?
The $TRUMP meme coin, hosted on the Solana blockchain, was announced by Trump in an X post, where he called it a celebration of his 2024 election victory and upcoming swearing-in.
The coin’s value skyrocketed by over 300% within a day, peaking at $75 early Sunday before stabilising at $46. As of Sunday evening, it had a market capitalisation of $9.36 billion.
My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR $TRUMP NOW. Go to https://t.co/GX3ZxT5xyq — Have Fun! pic.twitter.com/flIKYyfBrC
— Donald J. Trump (@realDonaldTrump) January 18, 2025
According to its developers, the coin has an initial supply of 200 million tokens, with plans to expand to 1 billion over the next three years.
However, 80% of the tokens are controlled by Trump-affiliated companies, CIC Digital LLC and Fight Fight Fight LLC, which stand to gain from trading revenues.
Despite its political branding, the coin’s website emphasises that $TRUMP is not intended to be an investment or linked to any government office or campaign.
Cryptocurrency and Trump’s vision
Trump has positioned himself as a pro-crypto leader, aiming to make the US a global hub for cryptocurrency. His election victory has already boosted the market, with Bitcoin surpassing $100,000 shortly after his win.
Trump has proposed reducing regulatory burdens on crypto firms and establishing a bitcoin reserve as part of a broader policy initiative.
He has also pledged to issue an executive order prioritising cryptocurrency and forming a new advisory council to work with the industry.
Ethical concerns and criticism
The launch of $TRUMP has raised concerns about the ethics of using political influence to promote a personal financial venture.
With significant portions of the coin’s supply under Trump-linked entities, critics argue that this venture could blur the lines between personal profit and public office.
A Family Affair: Melania Trump’s coin
Adding to the controversy, incoming First Lady Melania Trump has launched her own cryptocurrency, $MELANIA, also hosted on the Solana blockchain. Trump supported her initiative by retweeting her announcement.
A growing business portfolio
This cryptocurrency venture is the latest addition to Trump’s extensive merchandise offerings, including NFTs, branded watches, and limited-edition products.
While supporters see it as entrepreneurial innovation, others view it as an unprecedented intertwining of business and politics.
The $TRUMP coin’s rapid rise underscores the influence of Trump’s brand, but it also leaves lingering questions about the ethical implications of mixing political leadership with personal profit.
Discover the Benefits of Our Subscription!
Stay informed with access to our award-winning journalism.
Avoid misinformation with trusted, accurate reporting.
Make smarter decisions with insights that matter.
Choose your subscription package
[ad_2]
Source link