Boom 💥 💥 💥
President-elect Donald Trump has introduced a new cryptocurrency called $TRUMP, a meme coin launched just days before his inauguration. Announced on his social media platforms, including Truth Social and X, the coin's value surged dramatically, with reports indicating it more than tripled from approximately $20 to over $70 per token, reaching a market capitalization exceeding $14 billion.
The $TRUMP coin is built on the Solana blockchain, with a total supply capped at 1 billion tokens. Initially, 200 million coins were made available, while 80% of the total supply is controlled by Trump-affiliated entities, CIC Digital LLC and Fight Fight Fight LLC, with plans to release these holdings over a three-year period.
Despite disclaimers stating that the tokens are intended as expressions of support rather than investment opportunities, the rapid increase in value has attracted significant attention. Critics have raised concerns about potential conflicts of interest and ethical implications, given the heavy insider ownership and the timing of the launch. This move aligns with Trump's broader pro-crypto agenda, as he has previously engaged in various crypto ventures, including NFTs and the social media platform Truth Social.
