The launch has raised ethical concerns, with critics arguing that it could be seen as an effort to profit from his political position. Despite this, the coin has gained substantial interest and trading volumes.
US President-elect Donald Trump has launched his own cryptocurrency, appropriately called $TRUMP, sparking feverish buying that sent its market capitalization soaring on Saturday to several billion dollars. The inauguration of Donald Trump as the 47th president of the United States is expected to take place on Monday, 20 January, 2025.
In a message posted on his Truth Social platform and X, Trump unveiled the so-called meme coin, which is designed to capitalize on the popularity of a certain personality, movement or viral internet trend.
Meme coins have no economic or transactional value, and are often seen as a means of speculative trading.
“This Trump Meme celebrates a leader who doesn’t back down, no matter the odds,” says the coin’s official site, which makes reference to the assassination attempt against the Republican in July 2024.
In the hours following the overnight launch, the crypto community posed questions about the legitimacy of the $TRUMP coin, and its actual link to the president-elect, with some fearing a scam.
— AFP
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