January 21, 2025
By Our Correspondent
President-elect Donald Trump has introduced a new cryptocurrency token that is experiencing a significant increase in value, potentially enhancing his financial portfolio, just prior to his inauguration. This initiative is yet another unconventional venture by Trump, who has previously promoted items such as branded bibles, gold sneakers, and diamond-studded watches.
In a social media post late Friday, Trump encouraged his followers to join his exclusive “Trump Community,” stating, “It’s time to celebrate everything we stand for: WINNING!” The promotional material features an image of Trump with a raised fist, accompanied by the phrase “FIGHT FIGHT FIGHT,” referencing his reaction to an assassination attempt during a political rally in July.
While promoting the meme coin, Trump urged his supporters to “Have Fun!” The website associated with the token sales clarifies that these coins are intended as symbols of support rather than investment opportunities.
Nevertheless, this has not deterred individuals from attempting to profit. Initially priced at $10 each, the Trump meme coins surged to approximately $70 by Sunday morning, only to experience a sharp decline later that day following a post by Trump and his wife, Melania Trump, regarding a meme coin associated with her. The Melania coin was trading at around $5 by Sunday afternoon.
Meme coins represent a peculiar and highly unpredictable segment of the cryptocurrency market, often originating as jokes with little intrinsic value but capable of skyrocketing in price if sufficient interest is generated. Dogecoin, featuring a charming dog as its mascot, is perhaps the most recognized example. These meme coins can also attract scammers seeking to exploit unsuspecting investors for quick profits.
Some cryptocurrency advocates have celebrated the launch of the Trump meme coin, viewing it as a representation of the anticipated president’s endorsement of an industry that has perceived itself as being unjustly targeted by the Biden administration. Trump has committed to implementing regulations that are favorable to cryptocurrencies and has appointed individuals who are supportive of the sector to significant government roles.
Conversely, detractors argue that the Trump meme coin poses a potential risk, allowing special interests and foreign entities to exert influence over the president.
“Now anyone in the world can essentially deposit money into the bank account of the President of the USA with just a few clicks,” remarked Anthony Scaramucci, a former communications director for Trump, on X.
The launch of the Trump meme coin was facilitated by CIC Digital, a subsidiary of the Trump Organization. According to the coin’s website, there are currently 200 million Trump meme coins available, with plans to issue a total of 1 billion over the next three years. CIC Digital, along with another firm, holds 80% of the Trump meme coins and is set to receive “trading revenue derived from trading activities,” as stated on the token’s website.
Recently, the Trump family business introduced an ethics agreement that restricts Trump from engaging in “day-to-day” decision-making at the Trump Organization during his presidency and limits the financial information he can access regarding the business.
Last year, Trump and his family were involved in launching a new initiative to trade cryptocurrencies. The president-elect has also explored the realm of non-fungible tokens (NFTs), reporting earnings between $100,000 and $1 million from a collection of digital trading cards that depicted him in various cartoonish roles, such as an astronaut, a cowboy, and a superhero.
Additionally, Trump’s social media platform, Truth Social, has challenged conventional perceptions of value. Despite facing difficulties in generating revenue, the company is currently valued at over $8 billion, buoyed by the support of Trump’s followers, which has positively impacted both the stock price and his overall net worth.
