On the day prior to his inauguration, President-elect Donald Trump has unveiled a new cryptocurrency token.
The Associated Press (AP) reported on Sunday, January 19, that the newly introduced meme coin has experienced a significant increase in value, exceeding $12 billion according to various sources. This surge may further enhance Trump’s net worth and prompts inquiries regarding his adherence to established White House norms.
It is an occasion to honor our core values: SUCCESS! “Become a part of my exclusive Trump Community,” Trump stated in a social media update promoting the newly introduced tokens. The coins were showcased alongside an image of Trump raising his fist, overlaid with the phrase “FIGHT FIGHT FIGHT,” alluding to his reaction to the assassination attempt during a political rally in Pennsylvania last summer.
In advocating for the coin, Trump encouraged his supporters to “Have Fun!” According to the Associated Press, the website that offers the tokens stated that they are intended as expressions of support rather than as investment opportunities.
The report indicated that individuals continue to seek profit, as the coins, initially priced at $10 each, had surged to $70 by Sunday morning.
The report indicated that certain proponents of cryptocurrency have celebrated the introduction of the coin, viewing it as a representation of Trump’s endorsement of their sector following years of regulatory pressures during President Biden’s administration. Trump has committed to adopting a more favorable stance towards cryptocurrency, appointing individuals passionate about the industry to his cabinet.
Critics contend that the meme coin may enable special interests and foreign governments to attempt to exert influence over the president, as indicated in the report.
As reported by The Daily Beast, approximately 80% of the memecoin is owned by CIC Digital, an affiliate of the Trump Organization, along with a related entity responsible for its launch, Fight Fight Fight LLC.
The report indicated that the holdings of these investors will be released over a span of three years, with an immediate availability of 200 million tokens and a total of 1 billion tokens expected to be in circulation during this timeframe.
Stephen Findeisen, a cryptocurrency journalist and commentator, stated in a video on Saturday that the general public is likely to suffer significant losses, while it is evident that the individuals who will profit the most are those with insider knowledge.
The value of bitcoin, the leading cryptocurrency, is steadily nearing all-time highs in anticipation of the upcoming inauguration.
An executive order is anticipated to be issued by Trump shortly after assuming office, which will classify cryptocurrency as a national priority. This order is expected to direct government agencies to collaborate closely with the cryptocurrency sector and to create a crypto advisory council aimed at advocating for the policy priorities of the industry.
Earlier this month, Brad Garlinghouse, the CEO of Ripple, remarked on a “Trump bull market” in a post on X, indicating that his company secured more agreements in the six weeks after the election than it had in the preceding six months.
Garlinghouse stated that “the Trump bull market is indeed a reality as we enter 2025.”
