Trump promotes new meme coin before taking office on pro-crypto agenda
The Hindu
Trump launches meme coin cryptocurrency, sparking controversy and potential financial gain ahead of inauguration.
U.S. President-elect Donald Trump has launched a new cryptocurrency token that is soaring in value – and potentially boosting his net worth – just before his inauguration. It’s the latest norm-defying promotion by Trump, who has also helped sell branded bibles, gold sneakers and diamond-encrusted watches.
“It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community,” Trump said in a social post late Friday promoting the new tokens. They are marketed with a picture of Trump holding a fist up superimposed over the words “FIGHT FIGHT FIGHT,” a reference to Trump’s response to an assassination attempt at a political rally in July.
In promoting the meme coin, Trump told supporters to “Have Fun!” The website selling the tokens says they are meant as expressions of support and not an investment opportunity.
That hasn’t stopped people from trying to make money. The Trump meme coins started selling for $10 each before soaring to as high as about $70 as of Sunday morning. It fell sharply later Sunday after Trump and his wife, Melania Trump, posted about a meme coin for her. The Melania coin was trading for around $5 Sunday afternoon.
Meme coins are a strange and highly volatile corner of the crypto industry that often start as a joke with no real value but can surge in price if enough people are willing to buy them. Dogecoin, the cryptocurrency whose mascot is a super-cute dog that muses things like “much wow,” is perhaps the most well known. Meme coins can be used by scammers looking to make a quick fortune at the expense of unwary investors.
Some crypto enthusiasts hailed the Trump meme coin’s release, saying it’s symbolic of the incoming president’s support for an industry that felt unfairly targeted by the Biden administration. Trump has promised to usher in crypto-friendly regulations and picked crypto cheerleaders for key government positions.
Critics said the Trump meme coin could be a dangerous way for special interests and foreign governments to try and buy influence with the president.
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