On his first day in office, President Donald Trump launched his own cryptocurrency, known as the $TRUMP meme coin, which quickly gained traction in the market, driving its market capitalization to several billion dollars. The launch was met with enthusiastic buying, reflecting the excitement surrounding Trump's new venture. Following this, on Sunday, Melania Trump also introduced her own cryptocurrency, the $MELANIA coin.
In a post shared on his Truth Social platform and X, Trump described this meme coin as a way to harness the popularity associated with certain personalities and internet trends. He stated, "My NEW Official Trump Meme is HERE! It's time to celebrate everything we stand for: WINNING!" This move stands in stark contrast to the regulatory challenges faced by the cryptocurrency industry during Joe Biden's presidency.
The $TRUMP coin debuted on Friday night at the inaugural Crypto Ball in Washington, D.C., coinciding with the festivities for Trump's inauguration. Initially priced under $10, it surged to an impressive high of $74.59 before settling at $33.69, representing a 31.2% drop from the previous day, according to CoinGecko.
As the world’s leading cryptocurrency, Bitcoin also experienced a remarkable increase, reaching a record high of $109,071 on the same day Trump took office. This uptick in Trump-related cryptocurrencies aligns with his promise to usher in a new "golden age" for digital currencies, contrasting sharply with the regulatory scrutiny imposed by the Biden administration.
The $TRUMP coin was developed by WLF, a company associated with Trump and his family, along with Steve Witkoff, his special envoy to the Middle East. Notably, the timing of this launch—just two months prior to the U.S. elections—has raised ethical concerns and questions about potential conflicts of interest.
Melania Trump’s $MELANIA coin was announced shortly after, with a message inviting users to purchase it using debit cards or other cryptocurrencies. This coin has also seen significant interest, pushing its market capitalization to over $1 billion.
Ownership of the $TRUMP coin is primarily held by CIC Digital, a Trump-affiliated entity, with a significant portion assigned to another group named Fight, Fight, Fight. Their website clarifies that these coins are expressions of support for the ideals represented by the $TRUMP symbol and are not classified as investments or securities.
The launch of these meme coins has sparked debates within the cryptocurrency community about ethical implications and regulatory concerns. Justin D’Anethan, an independent crypto analyst, remarked, "While it's tempting to dismiss this as just another Trump spectacle, the launch of the official Trump token opens up a Pandora's box of ethical and regulatory questions."
Despite the controversy, Trump’s initiatives in the cryptocurrency space are part of a broader strategy to diversify his business interests. As he prepares to manage his extensive portfolio, including real estate, media, and licensing, Trump has previously expressed ambitions to make the U.S. the "crypto capital of the planet" during a Bitcoin conference in Nashville.
The launch of the $TRUMP coin fits into a larger pattern of merchandise offerings from Trump, which have included perfumes, colognes, and limited-edition silver coins celebrating his election victory. These ventures illustrate Trump's ongoing efforts to leverage his brand and maintain relevance in the rapidly evolving digital economy.
Zainab Y.
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