US President Donald Trump has launched a new cryptocurrency token called $TRUMP, which has seen its price skyrocket from $6 to over $70 in just one day. The token is held by two of Trump’s affiliate companies, which own 80% of the total supply, giving them significant control over the coin’s value. This sudden injection of artificial value has raised eyebrows among some investors, with Trump’s net worth reportedly reaching around $10 billion over the weekend.
The launch of $TRUMP follows Melania Trump’s announcement of her own cryptocurrency token, $MELANIA. Both coins are classified as “memecoins,” which lack practical use cases and business fundamentals. Memecoins often experience rapid price inflation on social media before being sold to unsuspecting buyers, leaving them with significant losses.
Critics argue that Trump’s move is an example of his long-standing practice of cashing in on his personal brand, using it to artificially inflate the value of his products or ventures.
Source: https://www.theatlantic.com/technology/archive/2025/01/donald-trump-crypto-billionaire/681388