US President Donald Trump recently launched a new cryptocurrency named after him, “$Trump,” which saw its market value skyrocket, jumping more than 18,000% in its first day of trading, making it one of the top 20 cryptocurrencies by market cap. 
$Trump is a meme coin, a cryptocurrency based on popular enthusiasm around a popular online personality or phenomenon. 200 million units of the coin have been released into the market, with plans to add another 800 million over the next three years. 
Additionally, former First Lady Melania Trump launched a cryptocurrency named after her, hours after Donald Trump launched his own. 
In another move, President Trump issued a new executive order titled “Promoting American Leadership in Digital Financial Technology,” in which he orders the formation of a committee to study and develop policies that support innovation in the field of digital currencies. 
It is worth noting that these developments have sparked widespread reactions, as these currencies have achieved imaginary profits, prompting some to describe them as “an illusion of making billions.” 
