US President-elect Donald Trump has launched a new cryptocurrency token that is soaring in value and could boost his net worth.
Mr Trump launched a meme coin known as $Trump on Friday just before his inauguration, which would be held on Monday.
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The cryptocurrency was introduced on Truth Social, his social media platform, as part of a celebratory initiative tied to his public image and “winning” ethos.
“It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community,” Trump said in a post on Truth Social late Friday promoting the new tokens.
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The tokens are marketed with a picture of Mr Trump holding a fist up superimposed over the words “FIGHT FIGHT FIGHT,” a reference to Mr Trump’s response to an assassination attempt at a political rally in July.
In promoting the meme coin, Mr Trump told supporters to “Have Fun!”
The Trump meme coins started selling for $10 each on Friday but had soared to about $70 as of Sunday morning.
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As reported by CoinMarketCap.com, the meme coin’s market capitalisation currently stands at $13.95 billion, while the fully diluted valuation is estimated at approximately $69.8 billion.
This is the latest in a string of unconventional promotions by Mr Trump, who has previously marketed branded Bibles, gold sneakers, and diamond-encrusted watches.
The $TRUMP website noted that 80 per cent of the meme coin is held by a Trump-affiliate organisation, CIC Digital, and a CIC co-owned entity called Fight Fight Fight.
The coin’s creators issued a disclaimer clarifying its purpose. They emphasised that the token is neither designed nor marketed as an investment opportunity or a security.
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Additionally, the disclaimer stated that the coin is not associated with any political campaigns, government offices, or agencies, and it holds no political affiliation.
Critics have accused Mr Trump of leveraging his presidency for personal profit.
The BBC reported that critics of Mr Trump’s meme coin said digital tokens are often associated with speculative trading, where hype drives up prices before investors sell at the peak, leaving latecomers with significant losses as values plummet.
However, cryptocurrency enthusiasts are optimistic that support from the Trump administration could help advance the industry.
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