Summary
- $TRUMP meme coin was launched on 17th January, 2025
- Within 3 days of its Launch, Trump meme coin now tops $10 billion
- Some Crypto experts warns the new addition could harm the crypto industry
Trump Meme Coin – $TRUMP
United States 47th president Donald John Trump introduced his own crypto coin called $TRUMP as he takes office.
The launch reiterates a statement made by the first gentleman of the most powerful country in the world during his campaign to make US the global crypto stockpile.
The crypto market saw a record surge in value on 20th January thanks to Trump’s backing. Bitcoin, the king the in the crypto industry also saw a record high hitting $109k value in early hours of Monday.
At the time of its launch the Trump meme coin also known as $TRUMP valued less than $10. However, as of Monday, the valued had exceeded $74. Meanwhile, Trump company says the President will not be involved in Family business.
Trump launched the digital token with branding including an image from his attempted assassination in July, expanding his cryptocurrency interests that already include World Liberty Financial.
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Melania Trump launched her own coin, $MELANIA, on Sunday. Its rally pushed its market cap well beyond $1 billion.
Four-fifths of Trump coin’s tokens are owned by CIC Digital, an affiliate of Trump’s business, and another entity called Fight, Fight, Fight, according to its website. It says the coins are “an expression of support for, and engagement with, the ideals and beliefs embodied by the symbol ‘$TRUMP'” and are not an investment or security.
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Controversies and Concerns:
The launch of $TRUMP has sparked ethical debates, particularly regarding the significant concentration of tokens held by Trump-affiliated organizations. Critics argue that this setup could lead to market manipulation and conflicts of interest, especially with Trump assuming the presidency. The potential for foreign entities to purchase large quantities of the coin raises additional concerns about influence and adherence to the Constitution’s foreign emoluments clause.
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Broader Implications:
This venture aligns with Trump’s pro-crypto stance, as he has expressed intentions to position the U.S. as a leader in the cryptocurrency sector. During his campaign, he pledged to prioritize blockchain innovation and hinted at establishing a national Bitcoin reserve. The introduction of $TRUMP signifies a notable intersection of politics and digital assets, reflecting the growing influence of cryptocurrencies in mainstream discourse.
Source: Glusea
