Trump Launches New Cryptocurrency Token Amidst Controversy and Hype

Washington: So, Trump just dropped a new cryptocurrency token, and it’s already making waves. Right before his inauguration, this token is not just a gimmick; it’s actually soaring in value. It’s classic Trump, right? He’s done everything from selling branded bibles to diamond-encrusted watches, and now this.

In a social media post, he’s all about celebrating “WINNING!” and inviting folks to join his “Trump Community.” The promo features him with a fist up, shouting “FIGHT FIGHT FIGHT,” which is a nod to a past rally incident. He’s telling everyone to “Have Fun!” with these tokens, which are more about showing support than being a serious investment.

But guess what? People are still trying to cash in. These meme coins kicked off at $10 and shot up to around $70 by Sunday morning. Meme coins are a wild ride in the crypto world, often starting as jokes but can skyrocket if enough people jump on board. Just look at Dogecoin, the one with the cute dog mascot.

Some crypto fans are thrilled about this new token, seeing it as a sign that Trump will back the crypto industry, which felt a bit sidelined under Biden. He’s promised to bring in crypto-friendly rules and has picked some crypto advocates for key roles.

On the flip side, critics are worried. They think this meme coin could let special interests and foreign powers influence the president. One former Trump aide even said it’s like anyone can just toss money into the president’s account with a few clicks.

The whole sale is being run by CIC Digital, linked to the Trump Organization. They’ve got 200 million of these coins up for grabs now, with plans for a billion over the next few years. Interestingly, CIC Digital and another firm own 80% of the coins and will rake in profits from trading.

Trump’s family business has set up an ethics agreement to keep him out of daily decisions while he’s president. But let’s not forget, he’s already dabbled in crypto and NFTs, making a pretty penny from digital trading cards featuring him in all sorts of fun roles.

And his social media venture, Truth Social, is valued at over $8 billion, even though it’s struggling to make money. It’s all about the support from his fans, boosting his stock price and net worth. What a ride!