US President-elect Donald Trump has unveiled a cryptocurrency ahead of his return to the White House on Monday as the 47th president.
The digital token, named $Trump, reached a market capitalisation of £4.5bn ($5.5bn) within hours of its Saturday launch, according to CoinMarketCap.com.
The venture, managed by Trump Organisation affiliate CIC Digital LLC, follows the company’s previous ventures in Trump-branded shoes and fragrances.
$Trump Token hits $5.4bn market cap in first 24 hours
“My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING!” Trump wrote on Truth Social during Friday’s announcement.
The project’s website states that 200 million tokens have been released, with plans to issue 800 million more over three years. CIC Digital LLC and Fight Fight Fight LLC, a Delaware-registered company formed this month, hold 80 percent of the tokens.
The website describes the coin as one that “celebrates a leader who doesn’t back down, no matter the odds.” However, it includes a disclaimer stating the token “is not intended to be, or the subject of” an investment opportunity or security, and “is not political and has nothing to do with” any political campaign, office or government agency.
Meme coins, which capitalise on internet trends, are known for their lack of intrinsic value and price volatility.
The launch occurs amid protests in Washington against Trump.
Follow us on
