President-elect Donald Trump has set out his own policies. cryptocurrency A buying frenzy on Friday appears to have pushed the company’s market cap into the billions.
In messages posted on his Truth Social platform and on
“My new official Trump meme is here! It’s time to celebrate everything we stand for: Victory!” he wrote.
Meme coins have no economic or trading value and are often seen as a vehicle for speculative trading.
The coin’s official website states, “This Trump meme celebrates a leader who never backs down, no matter how adverse the odds.”
In the hours following the evening’s launch, the crypto community was questioning the legitimacy of the $TRUMP coin and its actual connection to the president-elect, with some fearing it was a scam.
However, the fact that this announcement was made on President Trump’s official social media channels makes it clear that President Trump has used CIC Digital LLC, one of the companies behind the project to sell non-fungible tokens (NFTs) in the past, to sell non-fungible tokens (NFTs). This seems to have reassured the market as well as the fact that it has taken advantage of this. ).
By Saturday morning, $TRUMP’s market cap had reached nearly $6 billion, according to CoinMarketCap.com.
Neither Trump nor the company managing the launch, Fight Fight Fight LLC, provided details about how much money they made from the first batch of meme coins released.
According to the coin’s official website, 200 million meme coins will be issued, and Fight Fight Fight said that another 800 million will be added over the next three years.
Mark Humphrey/Associated Press
The president-elect, who was previously skeptical of cryptocurrencies, is now a convert and champion of the concept.
Before this new announcement, Trump, sons Donald Jr. and Eric launch their own cryptocurrency venture – World Liberty Financial – and other members of the incoming administration have previously disclosed investments in and support for cryptocurrencies.
Last summer, President Trump spoke at a Bitcoin conference in Nashville, vowing to make America the “crypto capital of the planet” when he returns to the White House.
Meme coins are President Trump’s latest product development, including perfume, cologne, watches and a “Donald J. Trump President First Edition” silver coin, which have recently been sold for $100 each to commemorate his election victory. He famously used his own photo. Sitting next to First Lady Dr. Jill Biden at the reopening of Notre Dame Cathedral To promote Cologne Line.