While crypto watchers lauded the business savvy and market watchdogs raised alarm over another breach in conflict of interest, US President-elect Donald Trump and his family drew a pretty $7.18 billion overnight from his $TRUMP meme coin. We take a look at the finer details here.
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Apropos to nothing, United States President-elect Donald Trump's official social media accounts dropped details of a new “official meme” from the popular leader across platforms. Accompanied by no immediate statement from vocal Trump, or his representatives, the posts were initially dismissed as a hack, but as the hours passed and linked websites led back to Trump's known businesses, the buzz skyrocketed.
The hype around the $TRUMP meme coin pushed its value to $36 per token, for a market capitalisation of $7.18 billion, at the time of writing (January 19, 11.25 am IST), according to data available on Coinmarketcap. According to a report by Fox Business, the virtual token has risen by an impressive more than 1,000 per cent since launch.
Late on January 18, Eric Trump posted on X (formerly known as Twitter), officially confirming the development. He wrote: “I am extremely proud of what we continue to accomplish in crypto. $Trump is currently the hottest digital meme on earth and I truly believe that World Liberty will revolutionize DeFi/Cefi and will be the future of finance. We are just getting started!” (sic)
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