Trump launches his own cryptocurrency $Trump, market value soars to $5.5 billion

Meme coins are often associated with online trends but are considered highly volatile and deficiency inherent value.

Announcing the coin connected his Truth Social platform, Trump wrote, “My NEW Official Trump Meme is HERE! It’s clip to observe everything we basal for: WINNING!” The coin’s website describes it arsenic a tribute to a “leader who doesn’t backmost down.”

Around 200 cardinal tokens person already been issued, with plans to merchandise different 800 cardinal implicit the adjacent 3 years. However, the website includes a disclaimer, stating the coin is “not an concern opportunity” and is unrelated to immoderate governmental run oregon office.

Critics were speedy to impeach Trump of profiting from his presidency. Crypto capitalist Nick Tomaino said connected societal media, “Trump owning 80 percent and timing the motorboat conscionable earlier his inauguration is predatory, and galore could suffer money.”

Meme coins person a past of abrupt terms surges fuelled by hype, lone to clang later, leaving immoderate investors with important losses.

Despite the risks, immoderate successful the crypto assemblage are optimistic that Trump’s instrumentality to bureau could boost the industry.

Trump, who was initially cautious astir cryptocurrency, told a Bitcoin league successful Nashville past twelvemonth that helium envisioned the US becoming “the crypto superior of the planet.”

His sons, Donald Jr and Erik Trump, besides launched their ain crypto task past year.

This determination comes arsenic US regulators nether President Joe Biden person taken a stricter stance connected cryptocurrencies, citing concerns astir fraud and wealth laundering.