A few hours after the launch, the capitalization of $Trump reached almost $5.5 billion.
Donald Trump, who was elected the 47th President of the United States, introduced his own cryptocurrency, which quickly gained a market capitalization of several billion dollars. The BBC reported it.
“Trump launched the $Trump meme coin in preparation for taking office as the 47th President of the United States on January 20. The project is being implemented by CIC Digital LLC, a subsidiary of the Trump Organization, which previously sold shoes and perfumes under the Trump brand,” the publication stated.
Meme coins, as explained, are often created to support viral internet trends, but they have no intrinsic value and are highly volatile assets.
According to CoinMarketCap, a few hours after the launch, the capitalization of $Trump reached almost $5.5 billion.
Trump announced the launch on his Truth Social platform, writing: “My new official meme is here! Time to celebrate victory and our values.”
According to information on the cryptocurrency’s website, 200 million tokens have already been issued, and another 800 million are planned to be issued within three years.
At the same time, the BBC said that the coin is not positioned as an investment or security instrument and is not associated with political activities, offices or government agencies.
Let’s remember that Trump plans to sign a “record” number of executive orders in his first week in office. He will deal with the problem of migrants and fires in Los Angeles.
Let’s add that on January 20 the inauguration of the 47th President Donald Trump will take place in the United States. The ceremony will be held in the Congress building because of the expected cold snap in Washington. So, for the first time since 1985, the inauguration of an American president will take place indoors.
It is known that Trump has arrived in the US capital. He visits his golf club where they celebrate with fireworks.
Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.