Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
Unlock the White House Watch newsletter for free
Your guide to what the 2024 US election means for Washington and the world
The total value of memecoin in circulation supported by Donald Trump has reached more than $ 13bn, which gives rise to accusations that the incoming president is using the enthusiasm of his supporters for financial gain.
Since its launch on Friday evening, the $TRUMP cryptocurrency – in which the Trump family business has a direct stake – has increased from about $6 to $67, making The value of coins in circulation was about $13.2bn, according to data from Coinbase.
The rapidly increasing value of the token has made it one of the largest “memecoins” of the crypto market, or tokens that represent the era of the Internet virus. Originally introduced as an industry insider joke, memecoins have no business model or cash flow.
The number of new memecoins and their value have increased since Trump won the election in November. Industry executives and traders are betting that the new system will adopt a better approach to using cryptoassets.
Trump’s coin was launched on Friday evening on his Public Real Estate website shortly after a big party in Washington for crypto executives and politicians to celebrate his inauguration, it will happen on monday. The accompanying website shows a picture of Trump with his fist up and describes the coin as “the official Trump meme”.
About 80 percent of the tokens will be held by CIC Digital, which is affiliated with the Trump Organization, and CIC’s joint venture called Fight Fight LLC, according to the token’s website – said in an attempt to kill Trump last. summer.
The tokens held by insiders will be locked up for sale in the next three to 12 months and will be available for sale during Trump’s four-year term.
“Trump to have 80 percent and the time (of) the start hours before the inauguration is a scam and many will probably be hurt by it,” said Nick Tomaino, business reporter, at X.
The launch surprised many in the crypto market but Binance, Coinbase and Kraken, three of the largest crypto currency exchange, all since announcing plans to Trade Trump coins in these markets.
The Trump family has a growing interest in cryptocurrency. The US president-elect and his three sons they have been raising World Liberty Financial, a crypto business founded by his long-time business partners and others, while Trump’s public company failed. try to buy Bakkt, a cryptocurrency trading platform.
On Saturday, Eric Trump described the Trump coin as the “hottest digital meme in the world” and said that Global Freedom is “just getting started”.
Anthony Scaramucci, Trump’s former communications director turned cynic, also hit the ground running. “Trump memecoin stuff is bad for the (crypto) industry. Don’t be fooled,” he wrote on X.
A spokesman for Trump’s transition team did not immediately respond to a request for comment.
Jonathan Bixby, a crypto entrepreneur, said that Trump’s memecoin could be the “opening gun to the so-called ‘banana space'”, which is a crypto trading term where prices can suddenly rise.
“It’s giving credibility to this property and inviting every celebrity to come back and start marketing. These next few months are going to be wild.”
The price of Solana, the blockchain used by the Trump coin and many other memecoins, has reached a record about $295 on Sunday. The US Securities and Exchange Commission is due to make a decision in the coming months on whether to allow US stock markets to invest directly in Solana.
Click here to visit the Digital Asset dashboard
