International
Trump Launches $Trump Cryptocurrency, Hits $5.5 Billion Market Cap Within Hours
- Donald Trump launches meme coin $Trump, reaching a market cap of $5.5bn hours after release.
- Critics warn of potential market volatility and predatory timing ahead of his inauguration.
- 80% of tokens owned by CIC Digital LLC and Fight Fight Fight LLC, with more coins to be issued in the next three years.
President-elect Donald Trump has introduced his own cryptocurrency, $Trump, which saw its market capitalization skyrocket to $5.5 billion within hours of its launch.
The coin, described as a “meme token,” was unveiled ahead of Trump’s swearing-in as the 47th President of the United States. It was created by CIC Digital LLC, an affiliate of the Trump Organization, known for selling branded products such as shoes and fragrances.
EDITOR’S PICKS
- Osinbajo Speaks on Quitting Politics
- AfDB to Collaborate LAMATA on Development of Lagos 60km Purple Rail Line
- LIRS Sets Deadline for Annual Tax Returns Filing by Employers
Meme coins are often tied to viral trends or movements, but they lack inherent value and are known for their extreme volatility.
Hours after launch, $Trump achieved a valuation of $5.5 billion, according to CoinMarketCap.
CIC Digital LLC and Fight Fight Fight LLC, a newly formed company, control 80% of the tokens. It remains unclear how much Trump could personally profit from the venture.
On Friday, Trump introduced $Trump via his Truth Social platform, proclaiming it a celebration of “WINNING” and resilience.
According to the official website, 200 million $Trump tokens have been issued, with an additional 800 million scheduled for release over three years.
The site emphasizes that the coin is not an investment vehicle or political product, distancing it from Trump’s upcoming presidency.
Critics have accused Trump of exploiting his position, citing the timing of the launch and the coin’s speculative nature. Crypto venture capitalist Nick Tomaino called the venture “predatory,” warning that many investors could face losses.
Meme coins often gain value through speculative hype, but many crash as early investors sell at peak value, leaving others with significant losses.
Trump’s embrace of cryptocurrency marks a shift from his earlier scepticism. At a Bitcoin conference in Nashville last year, he declared his intention to make the US “the crypto capital of the planet.”
FURTHER READING
- US Supreme Court Orders TikTok Ban Starting Sunday
- TikTok Ban: Biden Says Trump Will Decide App’s Future
- ‘America Isn’t It Anymore’ – Rapper DDG Considers Relocating to Lagos Amid LA Wildfires
His administration is expected to take a more favourable stance on cryptocurrency compared to the outgoing Biden administration, which implemented regulatory crackdowns on the industry.
The Trump family has shown increasing interest in cryptocurrency, with sons Erik and Donald Jr. launching their own venture last year.
Click here to watch our video of the week:
Advertise or Publish a Story on EkoHot Blog:
Kindly contact us at ekohotblog@gmail.com. Breaking stories should be sent to the above email and substantiated with pictorial evidence.
Citizen journalists will receive a token as data incentive.
Call or Whatsapp: 0803 561 7233, 0703 414 5611
