Donald Trump has just launched his very own cryptocurrency, the $Trump meme coin, which has quickly ascended in market capitalisation to nearly $5.5 billion just hours after its release. This new venture, aligned with his inauguration as the 47th president of the U.S., was co-developed by CIC Digital LLC, an affiliate of the Trump Organization that has previously marketed products like branded shoes and fragrances.
Meme coins, often centred on viral trends and impulses, are generally considered high-risk investments due to their lack of intrinsic value. The release included 200 million tokens initially, with an additional 800 million slated to be issued over the next three years.
As Trump announced the coin on his platform, Truth Social, he celebrated it as a tribute to perseverance and resilience. However, many critics have voiced concerns over the ethical nature of this venture, with some labeling it as "predatory". Notable crypto analyst, Nick Tomaino, expressed worries that many investors might suffer losses from the speculative nature of meme coins.
The $Trump coin carries a disclaimer stating it isn’t a political tool nor intended as an investment vehicle, despite its controversial timing right before Trump's inauguration. Meanwhile, the crypto market anticipates new developments under the Trump administration, hoping for a friendlier environment that contrasts with the regulatory actions taken during Joe Biden's presidency.
Meme coins, often centred on viral trends and impulses, are generally considered high-risk investments due to their lack of intrinsic value. The release included 200 million tokens initially, with an additional 800 million slated to be issued over the next three years.
As Trump announced the coin on his platform, Truth Social, he celebrated it as a tribute to perseverance and resilience. However, many critics have voiced concerns over the ethical nature of this venture, with some labeling it as "predatory". Notable crypto analyst, Nick Tomaino, expressed worries that many investors might suffer losses from the speculative nature of meme coins.
The $Trump coin carries a disclaimer stating it isn’t a political tool nor intended as an investment vehicle, despite its controversial timing right before Trump's inauguration. Meanwhile, the crypto market anticipates new developments under the Trump administration, hoping for a friendlier environment that contrasts with the regulatory actions taken during Joe Biden's presidency.
