Donald Trump Launches Cryptocurrency That Rapidly Reaches Multi-Billion Dollar Valuation
US President-elect Donald Trump has unveiled his own cryptocurrency, which quickly amassed a market capitalization of several billion dollars.
The newly introduced meme coin, named $Trump, was launched just days before Trump’s inauguration as the 47th president of the United States on Monday.
The project was coordinated by CIC Digital LLC, a subsidiary of the Trump Organization, known for selling branded products such as shoes and fragrances.
What Are Meme Coins?
Meme coins are cryptocurrencies inspired by viral internet trends or movements. While they can garner significant popularity, they generally lack inherent value and are highly volatile investments.
Meteoric Rise in Market Value
By Saturday afternoon, just hours after its release, $Trump had reached a staggering market capitalization of nearly $5.5 billion, according to CoinMarketCap.com.
CIC Digital LLC, in partnership with Fight Fight Fight LLC—a Delaware-based company established earlier this month—holds 80% of the tokens. However, details regarding Trump’s potential financial gain from the venture remain unclear.
Trump took to his social media platform, Truth Social, to announce the launch, writing:
“My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING!”
Details of the Coin
According to its official website, 200 million $Trump tokens have been issued, with plans to release an additional 800 million over the next three years. The website describes the coin as a tribute to Trump’s leadership, stating:
“This Trump Meme celebrates a leader who doesn’t back down, no matter the odds.”
A disclaimer on the site clarifies that $Trump is not intended as an investment opportunity, a security, or a political initiative.
Backlash and Criticism
Critics were quick to accuse Trump of leveraging his presidency for profit.
“Trump owning 80 percent and timing the launch hours before inauguration is predatory, and many will likely get hurt by it,” said Nick Tomaino, a crypto venture capitalist, in a social media post.
Meme coins like $Trump are often associated with speculative bubbles, where early hype inflates the value before a sharp price drop, leaving late investors with significant losses.
A Shift in Trump’s Crypto Stance
Cryptocurrency enthusiasts hope the Trump administration will foster a favorable environment for the industry.
Under President Joe Biden, regulators cracked down on crypto exchanges, citing concerns over fraud and money laundering.
Although Trump previously expressed skepticism about cryptocurrency, he hinted at a more supportive stance last year at a Bitcoin conference in Nashville, where he declared:
“America will be the crypto capital of the planet” once he returns to Washington.
This isn’t the first crypto venture by the Trump family. Last year, his sons Erik and Donald Jr. launched their own cryptocurrency initiative.
