- 11:10
It was only a matter of time before Donald Trump had his own cryptocurrency, and now it’s finally here. Just two days before being inaugurated as the 47th president of the United States, Donald Trump launched his personal crypto.
Trump has entered the cryptocurrency world with a "meme coin" bearing his likeness. The coin features Trump with a raised fist and the word "Fight" repeated three times.
Once the news spread on social media, the crypto world went into a frenzy. Investors rushed to buy the new president's coin, eager not to miss out on potential huge profits.
A total of 200 million tokens were released onto the market. Initially priced at $7, the $Trump coin quickly surged to $75. This sparked a buying frenzy, driving its total valuation into billions of dollars.
For a few hours, the $Trump coin was valued at $35 billion, generating over $55 billion for Trump. This move significantly boosted his wealth, which multiplied sevenfold in less than 48 hours, making him the world’s richest crypto investor. If the price of the $Trump coin continues to rise and reaches $500, Trump’s wealth could surpass that of Elon Musk, the world’s current richest person.
For context, a “meme coin” is a cryptocurrency based on an internet meme or featuring another humorous characteristic. These coins are often highly volatile.
First Lady Melania followed suit by launching her own meme coin. However, unlike her husband’s, hers failed to attract investors, with its value never exceeding $8.
While many crypto enthusiasts have embraced these new coins, critics have raised concerns. Some accuse Trump of using his political position and popularity to profit from the cryptocurrency boom.
Meanwhile, Bitcoin hit an all-time high, surpassing $109,000, before dropping by 4.41% to $104,418 on Tuesday.
It’s worth noting that Trump plans to issue an executive order making cryptocurrency a key political priority. In fact, no president has ever been as outspoken in supporting the crypto market.
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