Trump launches cryptocurrency with price rocketing

US President-elect Donald Trump has launched a new cryptocurrency, $Trump, just days before his inauguration as the 47th President of the United States.

The meme coin quickly gained traction, with its market capitalization soaring to several billion dollars, Caliber.Az reports, citing Western media.

The release of $Trump was coordinated by CIC Digital LLC, an affiliate of the Trump Organization, which has previously marketed Trump-branded products, such as shoes and fragrances. The venture also involves Fight Fight Fight LLC, a Delaware-based company formed earlier this month. CIC Digital LLC and Fight Fight Fight LLC together own 80% of the tokens.

Trump announced the launch on his social media platform, Truth Social, stating: "My NEW Official Trump Meme is HERE! It's time to celebrate everything we stand for: WINNING!" The coin's website describes it as a tribute to Trump’s leadership, claiming it celebrates "a leader who doesn't back down, no matter the odds."

A total of 200 million tokens have been issued, with an additional 800 million expected to be released over the next three years. However, the website included a disclaimer stating that the coin is "not intended to be, or the subject of" an investment opportunity or security, and that it is "not political and has nothing to do with" any political campaign or government entity.

The Trump administration is expected to have a significant impact on the cryptocurrency sector. Although President Joe Biden’s administration has cracked down on crypto companies, citing fraud and money laundering risks, Trump has previously expressed support for the industry. Last year, at a Bitcoin conference in Nashville, he stated that America would be "the crypto capital of the planet" under his leadership.

Trump’s sons, Erik and Donald Jr., also ventured into the crypto space last year with their own initiative.

Meanwhile, CoinGecko data showed that the cryptocurrency $TRUMP has grown in price by 578% in less than a day, and the total trading volume has exceeded $10 billion.

At launch, the currency was trading at $4.29 per unit. At its peak, by 08:10 Washington time on January 18, its value reached $32.61 (an increase of 660%). By 14:53 Washington time on January 18, the price fell to $29.11. Thus, the growth since launch was $578.5%.

The trading volume for 24 hours at the time of publication is $13.1 billion.

Trump launched his own joke cryptocurrency on January 18. On the social networks Truth Social and X, he published posts to which he attached a link to a page called Trump Meme, where you can buy the meme coin.

By Khagan Isayev