US President-elect Donald Trump has launched a new cryptocurrency token called “Trump Community” that is gaining popularity among crypto enthusiasts. The token’s value surged to $70 on Sunday morning, but later declined after Melania Trump and her husband promoted it.
The launch follows Trump’s pro-crypto agenda, with the president-elect promising to usher in more favorable regulations for the industry. However, critics warn of potential risks, as the sale of meme coins can be used by scammers to make quick profits at the expense of investors.
Meme coins are highly volatile and often start as jokes with no real value but can surge if enough people buy them. The Trump token is available on the CIC Digital website, where 200 million coins are currently on offer, with plans for a total of 1 billion to be issued over three years.
Trump’s social media company, Truth Social, has also defied traditional notions of value, despite struggling to raise revenue. As Trump’s supporters help boost its stock price, his net worth is also increasing.
Source: https://apnews.com/article/trump-crypto-meme-coin-token-75bf67ef9e6e54bf455f2f9f03470be3