(Patria) - Newly elected US President Donald Trump has launched his own cryptocurrency, aptly named $TRUMP, sparking a buying frenzy that pushed its market capitalization to several billion dollars on Saturday, AFP reported.
In a message posted on his Truth Social platform and X, Trump unveiled the so-called meme coin, designed to capitalize on the popularity of a particular person, movement, or viral internet trend.
Meme coins have no economic or transactional value and are often considered a vehicle for speculative trading.
"This Trump meme celebrates a leader who does not give up, no matter the odds," reads the official coin website, referring to the assassination attempt on the Republican in July 2024.
In the hours after the launch, the crypto community raised questions about the legitimacy of the $TRUMP coin and its actual connection to the newly elected president, with some fearing a scam.
But the fact that the announcements came from Trump's official social media channels reassured the market, as did the fact that Trump has previously used one of the companies behind the project, CIC Digital LLC, to sell non-fungible tokens (NFTs).
By mid-morning on Saturday, $TRUMP's market capitalization stood at nearly six billion dollars.
Neither Trump nor the company managing the launch, Fight Fight Fight LLC, offered details on how much he earned from the initial batch of coins released. The official coin website states that 200 million meme coins were issued, and Fight Fight Fight says an additional 800 million will be added over the next three years. At the current rate, the coins not yet on the market would be worth around 24 billion dollars.
Initially, Trump opposed cryptocurrencies, but he changed his stance during the 2024 presidential campaign, becoming a supporter of the concept and promising to develop the sector by easing regulations.
Prior to this new announcement, businessmen linked to Trump launched a crypto platform called World Liberty Financial online in October.
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