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US president-elect Donald Trump has launched his cryptocurrency, which quickly rose in market capitalization to several billion dollars.
His release of the meme currency, $Trump, comes as he prepares to take office on Monday as the 47th President of the US.
The project was coordinated by CIC Digital LLC – an affiliate of the Trump Organization – which previously sold Trump-branded shoes and perfume.
Meme coins are used to generate popularity for online traffic or traffic, but they have no value and are a non-convertible currency.
By Saturday afternoon, after hours, Trump’s market capitalization reached about $5.5bn (£4.5bn), according to CoinMarketCap.com.
CIC Digital LLC and Fight Fight Fight LLC, a company formed in Delaware earlier this month, own 80% of the tokens. It is not known how much money Trump will make from the company.
“My NEW Official Trump Meme! It’s time to celebrate everything we stand for: WIN!” Trump posted on his social media site Truth Social when he announced the meme’s funding Friday night.
About 200m of digital tokens have been issued and another 800m will be released in the next three years, the currency’s website said.
“This Trump Meme celebrates a leader who doesn’t back down, no matter what,” the site said.
It included a disclaimer saying the money was “not intended to be, or was the subject of” access to money or security and was “not political and has nothing to do with” any political campaign, political office or government agency.
The critics accused Trump of joining the presidency, and one crypto commentator called the meme currency “destructive”.
“Trump having 80 percent and opening hours before they are established is a problem and many will be hurt by it,” Nick Tomaino, a crypto venture capitalist and former CEO at Coinbase, one of the largest crypto trading platforms, said in a post. .
Such digital signals are popular with speculators who use hype to pump up the price before selling at the top of the market, leaving latecomers to count their losses as price damage.
Crypto investors are hoping that the Trump administration will be a big boost for the industry.
President Joe Biden’s administration has cited concerns about fraud and money laundering as it blasted the crypto industry in exchange for a lawsuit.
Trump has previously been skittish about cryptocurrency.
But at the Bitcoin conference in Nashville last year he said that America will be the “crypto capital of the planet” when he returns to Washington.
His sons Erik and Donald Jr announced their own crypto venture last year.
