increased his net worth overnight. The meme coin, introduced just days before his inauguration, quickly reached a market capitalization exceeding $6 billion. citeturn0news3


The $TRUMP coin is hosted on the Solana blockchain and was announced on Trump's social media platform, Truth Social, encouraging followers to join the "Trump Community." The Trump Organization-affiliated entities, CIC Digital LLC and Fight Fight Fight LLC, control 80% of the token's supply, leading to concerns about potential conflicts of interest as Trump assumes the presidency. citeturn0news3


Critics argue that Trump's financial interests in the cryptocurrency sector, coupled with his policy plans to deregulate the industry, present major ethical issues. Notable figures in the crypto industry have supported Trump's move, while others, like Anthony Scaramucci, have voiced strong opposition, calling it corrupt. citeturn0news0


This venture is part of a broader engagement with the crypto industry by Trump and his family, including the establishment of World Liberty Financial, a digital asset platform aimed at the decentralized finance (DeFi) segment, in September 2024. citeturn0news0


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