WASHINGTON, United States (Reuters) – In an unexpected move, President-elect Donald Trump has unveiled his own cryptocurrency, $TRUMP, setting the crypto market ablaze with intense speculation and significant trading activity. The digital token, positioned as a “meme coin,” was introduced to the public through Trump’s Truth Social and X platforms, and has already seen its market value skyrocket to billions of dollars.
Aimed at capitalizing on the ongoing meme coin trend, which thrives on internet viral moments and influential personalities, the $TRUMP coin has raised eyebrows for its speculative nature. Meme coins, like $TRUMP, generally lack inherent economic value and are viewed largely as a vehicle for short-term trading rather than long-term investment.
The $TRUMP cryptocurrency has sparked both intrigue and skepticism. On the official website, the coin is described as a tribute to Trump’s leadership style, declaring, “$TRUMP celebrates a leader who faces challenges head-on and never backs down.” A reference to the assassination attempt against Trump in July 2024 adds to the narrative of resilience the coin aims to promote.
Despite concerns from some members of the crypto community questioning the coin’s legitimacy, the fact that the launch was supported by Trump’s own social media channels helped allay fears. The project’s backing company, CIC Digital LLC, has a history with Trump, having previously facilitated the sale of non-fungible tokens (NFTs), which added credibility to the $TRUMP coin.
By midday on Saturday, $TRUMP’s market capitalization surged to nearly $6 billion, a striking figure for a coin that only just launched. However, details on the financial aspects of the launch, including the president-elect’s earnings from the initial coin distribution, remain scarce. The official site notes that 200 million $TRUMP coins were issued initially, with plans to release an additional 800 million coins over the next three years, potentially bringing the coin’s total market value to an estimated $24 billion.
Trump, who was initially a vocal critic of cryptocurrency, reversed course during his 2024 presidential campaign, advocating for less regulation and promising to support the growth of the digital currency sector. His new initiative, alongside previous ventures like the World Liberty Financial platform launched in October, shows a clear shift toward embracing the cryptocurrency landscape.
