Donald Trump, the US president-elect, introduced his own cryptocurrency, which saw a sharp increase in market value to many billions of dollars.
As he gets ready to become the 47th president of the United States on Monday, he has released the meme currency, $Trump.
The project was organized by CIC Digital LLC, a Trump Organization affiliate that has experience selling shoes and perfumes using the Trump name.
Although they are very volatile investments with no inherent worth, meme coins are used to increase the popularity of a viral online trend or movement.
Hours after its debut, on Saturday afternoon, $Trump’s market capitalization was close to $5.5 billion (£4.5 billion), according to CoinMarketCap.com.
Eighty percent of the tokens are owned by CIC Digital LLC and Fight Fight Fight LLC, a Delaware-based business that was established earlier this month. The amount of money Trump may earn from the deal is unknown.
“This is my brand-new official Trump meme! Now is the moment to honor our core value: WINNING. When Trump introduced the meme currency on Friday night, he posted on his social media channel, Truth Social.
Approximately 200 million digital tokens have been distributed, with a another 800 million to follow over the following three years, according to the coin’s website.
“This Trump Meme celebrates a leader who doesn’t back down, no matter the odds,” the website stated.
Thousands demonstrate against Trump in Washington.
It had a disclaimer stating that the coin was “not political and has nothing to do with” any political campaign, government office, or organization and that it was “not intended to be, or the subject of” an investment opportunity or security.
Trump was accused by his detractors of taking advantage of the position.
Crypto venture entrepreneur Nick Tomaino stated in a statement that “Trump owning 80 percent and timing launch hours before inauguration is predatory and many will likely get hurt by it.”
