On January 18, US President-elect Donald Trump officially launched his own digital currency called $TRUMP, creating a buying "fever" that helped the market capitalization of this currency skyrocket to several billion USD immediately.
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| Donald Trump launched the meme coin $TRUMP on January 18. (Source: India Today) |
Mr. Trump announced the $TRUMP coin in a post on the Truth Social and X platforms. This is a type of meme coin, an entertaining and symbolic cryptocurrency created based on inspiration from funny, interesting ideas, cartoon characters, celebrities or trends on social networks.
Meme coins have no intrinsic economic value but have the potential to generate high profits in a short period of time, have a fast growth rate depending on the size of the participating community, and are more accessible to users than traditional digital currencies.
However, along with that, meme coins also have great risks such as the value can fluctuate strongly, depend on crowd psychology and are easily manipulated.
In the first few hours after its launch, $TRUMP was questioned about its legitimacy as well as concerns about fraud. However, two posts by Mr. Trump on social media channels immediately dispelled these concerns and created a boost for the market.
As of mid-morning on January 18 (local time), the market capitalization of $TRUMP reached nearly $6 billion. Currently, neither Mr. Trump nor Fight Fight Fight LLC, the company managing the IPO of $TRUMP, have announced specific revenue figures.
Meanwhile, according to the official website of $TRUMP, 200 million meme coins have been issued. Fight Fight Fight LLC said that 800 million $TRUMP will be issued in the next 3 years.
During his 2024 presidential campaign, Mr. Trump expressed support for digital currencies and pledged to develop this field, including easing related regulations.
In October 2024, the Trump-affiliated business community also launched the digital currency platform World Liberty Financial.
Source: https://baoquocte.vn/tong-thong-my-dac-cu-donald-trump-vua-tung-vu-khi-moi-thi-truong-noi-bao-301480.html
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