President-elect Donald Trump released a cryptocurrency caricature coin just days before his second inauguration, which commemorated his response to the July 2024 assassination attempt.
The new $TRUMP meme coin, a form of cryptocurrency, was introduced on Friday night with posts on Trump’s Truth social media platform and X, the social network previously known as Twitter.
According to the coin’s website, gettrumpmemes.com, 200 million $TRUMP coins are currently available, and the number is projected to increase to 1 billion within the next three years.
Crypto-Backed By Trump’s Personal Brand: The Power of $TRUMP Coin
The website refers to Trump as “the crypto president,” and the coin features the President-elect with “his fist in the air and the iconic battle cry FIGHT FIGHT FIGHT,” which Trump sounded after the July 13, 2024 assassination attempt in Butler, Pennsylvania.
Meme coins are cryptocurrencies often derived from internet memes, usually reflecting popular culture images or trends. In the early 2010s, a famous caricature featuring Kabosu, a Japanese dog, went viral online.
Subsequently, in 2013, Kabosu assumed the role of the spokesperson for Dogecoin, which emerged as one of the most popular “meme stocks” during the retail trading surge of the COVID-19 pandemic.CNBC previously reported that in April 2023, Elon Musk famously replaced the Twitter insignia with the Dogecoin logo.
Trump has appointed Musk and entrepreneur Vivek Ramaswamy co-chairs of the newly established Department of Government Efficiency (D.O.G.E.).
GeckoTerminal reports that the Trump coin was valued at about $31 at 1 p.m. ET on Saturday, rising from an initial trading value of 18 cents.
At noon on Saturday, the Trump coin had a market capitalization of over $6.27 billion and a fully diluted valuation of approximately $31.37 billion.
“London-based fintech analyst Boaz Sobrado wrote on Forbes.com that ‘Trump Coin’ has taken the cryptocurrency world by storm, potentially positioning itself to challenge Dogecoin’s supremacy in the meme coin ecosystem.”
According to Axios ‘ reporters Ben Berkowitz and Brady Dale, the unexpected launch of $TRUMP caught the entire industry off guard and indicates Trump’s influence and the prominence of cryptocurrency in his administration.
They asserted that Trump’s cryptocurrency transaction appeared to generate over $25 billion in revenues for himself and his organizations.
According to the coin’s website, 80% of the coins are owned by CIC Digital LLC, an affiliate of The Trump Organization, and Fight Fight Fight LLC, which is co-owned by CIC Digital. Axios reported that the coins are subject to a 3-year activation schedule, which means they cannot be disposed of individually.
Crypto Briefing reported “significant doubts regarding the legitimacy” of the cryptocurrency following the Trump coin announcement on social media. The site suggests this new initiative is probably linked to those who helped create Trump’s “America First Collection” of digital trading cards.
Investors should remember that cryptocurrencies can be volatile. Newsweek noted that the company and its issuers are mitigating financial risks by requiring buyers of the new coin to agree to terms and conditions, which include a promise not to initiate further class action lawsuits.
This is Trump’s latest merchandise lineup, featuring Bibles, watches, victory cologne, and shoes, with one pair priced at $100,000.
Trump’s Crypto Strategy: What’s Next for His Digital Assets?
The Moonshot app makes it possible to obtain Trump coins. More cryptocurrency opportunities could emerge during Trump’s presidency. Unlike the previous Democratic SEC chief, Gary Gensler, Paul Atkins, the nominee to head the U.S. Securities and Exchange Commission, is seen as more supportive of crypto.
Moreover, Trump is considering creating a strategic reserve of Bitcoin, viewed as the first successful digital currency.
As Forbes’ Sobrado wrote, Trump’s crypto agreements are a logical extension of his brand-building efforts, including Trump hotels and casinos.
“The emergence of a presidential meme coin might seem unprecedented, but in the context of Trump’s brand-leveraging history, it follows a familiar pattern,” he indicated.
“The president has consistently exhibited his capacity to monetize his personal brand.” The strategy is not the distinguishing factor this time; rather, it is the medium and, paradoxically, the regulatory environment that facilitated it.
Salman Ahmad is known for his significant contributions to esteemed publications like the Times of India and the Express Tribune. Salman has carved a niche as a freelance journalist, combining thorough research with engaging reporting.
