Just before his inauguration, President-elect Donald Trump introduced a new cryptocurrency token that is rapidly increasing in value and could increase his net worth. Trump has already assisted in the sale of branded bibles, gold sneakers, and watches with diamonds. This is his most recent promotion that defies convention.
“Now is the time to celebrate our core value: WINNING! In a social media post advertising the new tokens late Friday, Trump wrote, “Join my very special Trump Community.” The slogan “FIGHT FIGHT FIGHT,” which alludes to Trump’s response to an assassination attempt at a campaign rally in July, is displayed above an image of Trump putting a fist up.
Trump encouraged supporters of the meme coin to “Have Fun!” According to the website that sells the tokens, they are not intended as a financial opportunity but rather as tokens of support.
People are still trying to make money in spite of this. Beginning at $10 each, the Trump joke coins skyrocketed to as much as $70 by Sunday morning. Later on Sunday, after Trump and his wife, Melania Trump, posted about a meme coin for her, it sank precipitously. On Sunday afternoon, the value of the Melania coin was almost $5.
A peculiar and extremely erratic subset of the cryptocurrency market, meme coins frequently begin as jokes with little intrinsic value but have the potential to soar in value if enough buyers are interested. Perhaps the most well-known cryptocurrency is Dogecoin, whose mascot is an adorable dog that says things like “much wow.” Scammers hoping to profit quickly at the cost of unsuspecting investors may employ meme coins.
The launch of the Trump meme coin was welcomed by some cryptocurrency fans, who said it represents the new president’s backing of a sector that felt unfairly singled out by the Biden administration. Trump has appointed proponents of cryptocurrency to important government posts and pledged to enact laws that will benefit the industry.
The Trump meme currency, according to critics, may be a risky tactic used by foreign countries and special groups to attempt and buy influence with the president.
Anthony Scaramucci, a former director of communications for the Trump White House, stated on X that “anyone in the world can basically deposit money into the bank account of the President of USA with a couple clicks.”
CIC Digital, a subsidiary of the Trump Organization, coordinated the selling of the Trump meme currency. According to the coin’s website, there are presently 200 million Trump meme coins accessible, and one billion will be distributed over the following three years. According to the token’s website, CIC Digital and another business jointly control 80% of the Trump meme coins and will get “trading revenue derived from trading activities.”
The Trump family firm has published an ethics agreement that restricts the amount of financial information that is shared with Trump and forbids him from making “day-to-day” decisions at the Trump Organization while he is president.
Last year, Trump and his family assisted in starting a new cryptocurrency trading business. Additionally, the president-elect has experimented with NFTs, or nonfungible tokens, and last year claimed to have made between $100,000 and $1 million from a series of digital trading cards featuring him in cartoon-like roles, such as a superhero, astronaut, or cowboy.
Traditional ideas of worth have also been challenged by Trump’s social media business, Truth Social. Despite having trouble increasing sales, the company is now worth over $8 billion thanks to Trump’s supporters, who also helped to improve the stock price and his net worth.
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