Introduction

US President-elect Donald Trump has introduced his cryptocurrency, $Trump, which quickly gained significant market capitalization. This move comes as he prepares to assume office as the 47th president of the United States.

Launch and Market Impact

The meme coin, $Trump, was launched by CIC Digital LLC, an affiliate of the Trump Organization. Within hours of its release, the market capitalization for $Trump reached nearly $5.5 billion. Meme coins are known for their popularity in viral internet trends but are highly volatile investments.

Ownership and Distribution

CIC Digital LLC and Fight Fight Fight LLC, a company formed in Delaware, own 80% of the tokens. A total of 200 million digital tokens have been issued, with another 800 million set to be released over the next three years.

Public Reaction and Criticism

Trump announced the meme coin on his social media platform, Truth Social, celebrating it as a symbol of winning. However, critics have accused Trump of exploiting his presidency for financial gain. Concerns have been raised about the potential harm to investors due to the speculative nature of such digital tokens.

Regulatory Environment

Cryptocurrency investors are hopeful that the Trump administration will support the industry. Previously, President Joe Biden’s regulators had cracked down on crypto companies due to concerns about fraud and money laundering. Trump, who was initially hesitant about cryptocurrency, has since expressed his vision for America to become the “crypto capital of the planet”.

Source