admin President-elect Donald Trump has unveiled a new cryptocurrency token that has surged in value and potentially increased his wealth just ahead of his inauguration. This bold move is the latest in a series of unconventional promotions by Trump, who has previously endorsed products like branded Bibles, gold trainers, and diamond-encrusted watches.
Trump shared the announcement in a social media post late on Friday, stating, “It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community.” The tokens are marketed with an image of Trump raising a fist, accompanied by the words “FIGHT FIGHT FIGHT,” referencing his reaction to an assassination attempt at a political rally in July.
Encouraging his supporters to “Have Fun!” Trump described the tokens as expressions of support rather than investment opportunities. However, this hasn’t deterred people from cashing in. Initially sold for $10 each, the coins have skyrocketed in value, reaching nearly $70 by Sunday morning.
On the same day, Melania Trump launched her own meme coin, which she promoted on social media.
Meme coins are a volatile subset of the cryptocurrency market, often beginning as jokes with little inherent value. Yet, their prices can spike if enough buyers show interest. The most well-known example is Dogecoin, a cryptocurrency featuring a dog mascot and humorous slogans like “much wow.” These coins have also attracted scammers eager to exploit unwary investors for profit.
Some in the crypto community praised Trump’s move, viewing it as a symbol of his commitment to a pro-crypto agenda. Many in the industry believe it contrasts sharply with the perceived hostility of the Biden administration towards cryptocurrencies. Trump has pledged to implement crypto-friendly regulations and has appointed crypto advocates to key government positions.
Critics, however, raised concerns about potential ethical risks. They warn the Trump meme coin could provide an avenue for foreign governments or special interests to gain undue influence.
“Now anyone in the world can essentially deposit money into the bank account of the President of the USA with just a couple of clicks,” said Anthony Scaramucci, a former Trump White House communications director, on X.
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