Jakarta, Indonesia Sentinel — Newly elected U.S. President Donald Trump has unveiled a meme cryptocurrency, $Trump, wich has already achieved a staggering market capitalization of $5.5 billion just hours after its launch. Announced on Friday evening via Trump’s social media platform, Truth Social, the coin is positioned as a celebration of his presidency and personal brand.
“MY OFFICIAL NEW Trump Meme is here! Time to celebrate everything we stand for: VICTORY!” Trump wrote, rallying his supporters and cryptocurrency enthusiasts alike.
The $Trump token was launched just days before his inauguration as the 47th President of the United States, scheduled for January 20, 2025. The project is managed by CIC Digital LLC, a Trump Organization affiliate previously associated with branded products like perfumes and shoes, and Fight Fight Fight LLC, a company Trump established in Delaware earlier this month.
Market and Token Details
According to CoinMarketCap.com, $Trump reached a market cap of nearly $5.5 billion (equivalent to Rp90 trillion) within hours of its launch. A total of 200 million tokens have been issued initially, with plans to release an additional 800 million tokens over the next three years.
The official website describes $Trump as a “tribute to a leader who fights relentlessly against all odds.” However, it includes a disclaimer emphasizing that the coin is not an investment vehicle, security, or associated with any government or political campaign.
Notably, CIC Digital LLC and Fight Fight Fight LLC collectively hold 80% of the tokens, raising concerns among financial experts and crypto enthusiasts about potential market manipulation.
Criticism and Skepticism
While the launch has generated significant hype, it has also attracted criticism. Nick Tomaino, a venture capitalist in the cryptocurrency sector, voiced his concerns on social media, calling the move “predatory” and risky for investors.
“Trump holding 80% of the tokens and launching them just before his inauguration is a textbook example of exploiting hype. Many late investors could face significant losses,” Tomaino said.
Meme coins, known for their reliance on internet trends and speculative trading, are highly volatile and often lose value rapidly after their initial surge. Critics argue that Trump’s involvement could lend credibility to the coin, enticing investors who may not fully understand the risks.
A Shift in Trump’s Crypto Stance
Trump’s entry into the cryptocurrency world marks a notable shift in his stance. Previously skeptical of digital currencies, he described Bitcoin as a “scam” in 2021 and expressed concerns about cryptocurrencies undermining the U.S. dollar.
However, during a Bitcoin conference in Nashville last year, Trump signaled a change in attitude, declaring that under his leadership, America would become “the crypto capital of the world.” His sons, Erik and Donald Jr., have also dabbled in crypto ventures, further indicating the family’s growing interest in the industry.
Potential Policy Implications
The cryptocurrency community remains divided over the implications of Trump’s administration for the sector. Many hope his leadership will result in a friendlier regulatory environment after the Biden administration imposed stricter oversight on crypto firms, citing concerns over fraud and money laundering.
Others remain cautious, noting that the president’s personal involvement in a cryptocurrency project could lead to conflicts of interest or questions about ethical boundaries.
Bitcoin Breaks New Barriers Ahead of Donald Trump Inauguration
Final Thoughts
As $Trump gains traction, it underscores both the promise and perils of the cryptocurrency market. While the coin’s rapid rise demonstrates the power of branding and hype, it also raises serious questions about ethics, investor safety, and market manipulation.
Whether $Trump will sustain its momentum or follow the path of many meme coins into obscurity remains to be seen. However, one thing is clear: Donald Trump’s foray into cryptocurrency has once again placed him at the center of a major public conversation.
(Becky)
