President-elect Donald Trump has introduced a new cryptocurrency called $TRUMP, a meme coin that has rapidly gained significant market value. Announced via his social media platforms, including Truth Social, the coin's value surged to over $30, with a market capitalization exceeding $6 billion.
Developed on the Solana blockchain, $TRUMP has a total supply cap of 1 billion coins, with 200 million initially available. Notably, 80% of the supply is held by Trump-affiliated entities, CIC Digital and Fight Fight Fight LLC, subject to a three-year release schedule.
This initiative aligns with Trump's previous engagements in the crypto industry, including the launch of World Liberty Financial with his sons. It also precedes his inauguration, during which he is expected to issue executive orders on bitcoin and the crypto industry, indicating a supportive stance toward digital assets.
However, the significant insider ownership and timing of the launch have raised ethical concerns regarding potential conflicts of interest. Ethics watchdogs highlight the unusual nature of a president-elect launching a business product shortly before taking office, suggesting it could lead to profiting from forthcoming policy changes.