Trump’s Meme Coin, $TRUMP, Soars and Blows Up His Net Worth By Tens of Billions

Just two days before his inauguration, Trump unveiled his meme coin, $TRUMP, on his Truth Social and X accounts. The token started trading at an opening price of $0.1824, but within 12 hours had jumped over 15,000%, trading at roughly $30. Its market cap stood at ~$30 billion at the time. The token has since risen as high as $72. A new meme coin was introduced for Melania.

While Trump controls the vast majority of the tokens, they remain locked which means the US president is unlikely to pull the rug out from under millions of buyers… at least for now.

Trump has pledged to reshape the US into the “crypto capital of the planet.” Paul Atkins, Trump’s pick to chair the Securities and Exchange Commission (SEC), is expected to spearhead these efforts. A known crypto advocate and former SEC commissioner, Atkins will replace Gary Gensler, who has been criticized for his crackdown on the industry.

A critic pondered, “Is he [Trump] really going to want to put the interests of the US dollar before his newfound crypto empire after raking in billions of dollars for his family on this grift? This is so corrupt it boggles my mind.”

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President-elect Donald Trump has launched a new cryptocurrency token that is soaring in value – and potentially boosting his net worth – just before his inauguration. It’s the latest norm-defying promotion by Trump, who has also helped sell branded bibles, gold sneakers and diamond-encrusted watches.

“It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community,” Trump said in a social post late Friday promoting the new tokens. They are marketed with a picture of Trump holding a fist up superimposed over the words “FIGHT FIGHT FIGHT,” a reference to Trump’s response to an assassination attempt at a political rally in July.

In promoting the meme coin, Trump told supporters to “Have Fun!” The website selling the tokens says they are meant as expressions of support and not an investment opportunity.

That hasn’t stopped people from trying to make money. The Trump meme coins started selling for $10 each before soaring to as high as about $70 as of Sunday morning. It fell sharply later Sunday after Trump and his wife, Melania Trump, posted about a meme coin for her. The Melania coin was trading for around $5 Sunday afternoon.

Meme coins are a strange and highly volatile corner of the crypto industry that often start as a joke with no real value but can surge in price if enough people are willing to buy them. Dogecoin, the cryptocurrency whose mascot is a super-cute dog that muses things like “much wow,” is perhaps the most well known. Meme coins can be used by scammers looking to make a quick fortune at the expense of unwary investors.

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Some crypto enthusiasts hailed the Trump meme coin’s release, saying it’s symbolic of the incoming president’s support for an industry that felt unfairly targeted by the Biden administration. Trump has promised to usher in crypto-friendly regulations and picked crypto cheerleaders for key government positions.

Critics said the Trump meme coin could be a dangerous way for special interests and foreign governments to try and buy influence with the president.

“Now anyone in world can essentially deposit money into bank account of President of USA with a couple clicks,” Anthony Scaramucci, a former Trump White House communications director, said on X.

The sale of Trump meme coin was organized by CIC Digital, an affiliate of the Trump Organization. The coin’s website said 200 million Trump meme coins are currently available, with plans to issue 1 billion over the next three years. CIC Digital and another company collectively own 80% of the Trump meme coins and will receive “trading revenue derived from trading activities,” according to the token’s website.

Read full article from AP here…

Link for article from ZeroHedge

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Jeff
Jeff
29 days ago

Like FRNs, $TRUMPs have no intrinsic value; and, like FRNs, the more that are issued, the less valuable they become. Remember the Billy Beer fad?

Ed
Ed
29 days ago
Reply to  Jeff

Forgot about that one. Bottoms up ! ! !

Eowyn
Eowyn
29 days ago

Crypto-currency is part of the CCP plan to destroy America, AND all white people. This is not a “white supremacy” statement, but based on a video from 2021 that I just saw where this Chinese man laid it all out. He spoke in Chinese and the subtitles were in English and Mandarin.

Ed
Ed
29 days ago
Reply to  Eowyn

This would NOT surprise me at all.

Tom Ball
Tom Ball
29 days ago
Reply to  Eowyn

Give a link to the video. This isn’t JUST a CCP plan, although I believe certain members of the CCP stand to benefit from it as part of a broader plan to globalize.
To go global , China and Russia BOTH have to be on board. And of course US sovereignty and independence have to go.
So you should expect a lot of deal cutting is going to have to be taking place behind closed doors.

Ed
Ed
29 days ago

If we go CASH less, then are all the drug cartels screwed as they hold ROOMS full of greenbacks ?

Tom Ball
Tom Ball
29 days ago

“Critics said the Trump meme coin could be a dangerous way for special interests and foreign governments to try and buy influence with the president.” Like , when has influence peddling ever been a concern in this country? It could also be a way to get the public used to the idea of being digital , especially the MAGA hats who believe that Trump is some kind of White Knight riding high on principle , fighting for “Truth ,Justice , and the American Way”. Selling Bibles? Who actually reads them? Some how this doesn’t seem like an act of true… Read more »

Clifford Reid
Clifford Reid
17 days ago

We need to back the bill introduced by Senator Mike Lee of Utah, and Thomas Massie of Kentucky to abolish the Federal Reserve. Then we need our Constitutional money back… gold and silver coin. A dollar is defined by law as 371.75 grains of fine silver. Gold is in relation to silver. Bring back Constitutional money and eliminate inflation by 100%.