Trump Launches New Cryptocurrency Ahead of Inauguration, Market Surges
In a surprising move just days before his inauguration, the president-elect of the United States, Donald Trump, unveiled his own cryptocurrency on January 17. The announcement was made via his official social media account, where he introduced the $TRUMP token, a meme-based cryptocurrency that quickly gained traction in the market.
By the afternoon of January 18, the market capitalization of $TRUMP reached approximately $6 billion, with a significant portion of the tokens reportedly owned by Trump and his affiliated business ventures. The cryptocurrency was trading at around $30.48, reflecting an astonishing increase of 369% within a 24-hour period.
In his announcement, Trump expressed enthusiasm for the new token, inviting supporters to join what he described as a 'very special Trump Community.' He encouraged followers to purchase the $TRUMP token, framing it as a celebration of his vision and achievements.
The $TRUMP website indicates that 80% of the token supply is held by CIC Digital, a subsidiary of the Trump Organization, along with another co-owner entity known as Fight Fight Fight.
This launch comes just before Trump's inauguration scheduled for January 20, where he is expected to issue executive orders related to Bitcoin and the broader cryptocurrency sector within his first few days in office. Observers anticipate that Trump may adopt a more lenient regulatory approach towards cryptocurrencies, which could significantly impact the market.
During his campaign, Trump hinted at the establishment of a strategic reserve of Bitcoin, signaling a potential shift in regulatory stance that may favor cryptocurrency innovations.
While various other cryptocurrencies bearing the Trump name exist, none have officially received his endorsement until now. The introduction of $TRUMP adds a new dimension to the growing intersection of politics and cryptocurrency.
As the cryptocurrency market continues to evolve, the implications of Trump's entry into this space could have far-reaching effects, both for investors and for the regulatory landscape governing digital currencies.
