Donald Trump Launches $TRUMP Meme Coin. It's Soaring In Value.
Trump declared $TRUMP as his "Official Trump Meme" coin on social media. Several other Trump-branded coins are around, but none with his endorsement.
In promoting the meme coin, Trump told supporters to “Have Fun!” The website selling the tokens says they are meant as expressions of support and not an investment opportunity.
That hasn’t stopped people from trying to make money. The Trump meme coins started selling for $10 each before soaring to as high as about $75 as of Sunday morning, but has pulled back to $60. The market cap is now $12 billion, according to CoinMarketCap.com. But the fully diluted valuation is roughly $60billion.Trump Seen As Pro-Crypto
The $TRUMP meme coin launch just ahead of Trump's inauguration on Monday. Trump reportedly will issue executive orders on bitcoin and the crypto industry on his first day or soon after. He's expected to take a lighter regulatory touch. During the campaign, Trump also said he would create a bitcoin strategic reserve.
Bitcoin traded above $104,500 on Sunday morning The price shot up to nearly $106,000 intraday Friday, just below all-time highs, on the reports of looming Trump executive orders on bitcoin. The pioneer cryptocurrency traded at 104,767.70 as of 4 p.m. ET.
$TRUMP Or DJT Stock?
Shares of Trump Media & Technology (DJT) has acted as a Trump sentiment indicator during the campaign and after the election. Trump Media, parent of Truth Social, has significant losses and scant revenue, but has a market cap of $8.68 billion as of Friday's close. Donald Trump is the majority owner
Going forward, will the $TRUMP meme coin become the new Trump sentiment indicator, or will both continue to serve that role?
“Now anyone in world can essentially deposit money into bank account of President of USA with a couple clicks,” Anthony Scaramucci, a former Trump White House communications director, said on X.
The sale of Trump meme coin was organized by CIC Digital, an affiliate of the Trump Organization. The coin’s website said 200 million Trump meme coins are currently available, with plans to issue 1 billion over the next three years. CIC Digital and another company collectively own 80% of the Trump meme coins and will receive “trading revenue derived from trading activities,” according to the token’s website.
The Trump family business recently released an ethics agreement that prohibits Trump from “day-to-day” decision making at the Trump Organization when he’s president and limits financial information about the business shared with him.
Trump and his family previously helped launch a new venture to trade cryptocurrencies last year. The president-elect has also dabbled in NFTs, or nonfungible tokens, and last year reported earning between $100,000 and $1 million from a series of digital trading cards that portrayed him in cartoon-like images, including as an astronaut, a cowboy and a superhero.
Trump’s social media company, Truth Social, has also defied traditional notions of value. Despite struggling to raise revenue, the company is currently valued at more than $8 billion as Trump’s supporters help boost the stock price and his net worth along with it.
Sources:
https://www.investors.com/news/donald-trump-launches-trump-meme-coin-inauguration/
https://apnews.com/article/trump-crypto-meme-coin-token-75bf67ef9e6e54bf455f2f9f03470be3
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