Trump's newly launched Meme Coins – create $14 billion in new Trump wealth
The world's most powerful man launched his own branded cryptocurrency, $TRUMP, 2 days before his inauguration in what some fear may be a so-called Trump and dump. The coins sold for about $3 each before Trump publicly announced the digital token on Friday evening. It soared to a high of $76.94 in the following hours.
About 80% of the coin's supply is owned by an affiliate of the Trump Organization, Fight Fight Fight and CIC Digital, which has drawn criticism from within and outside the crypto industry, according to Wall Street Journal and Bloomberg reports.
Trump's wife, Melania launched a rival token in a social media post Sunday: $MELANIA. The value of the coin also soared. According to CoinMarketCap, $Trump has a total market valuation of about $12bn, while $Melania's stands at around $1.7bn.
Hargreaves Lansdown analyst Susannah Streeter said, "Nevertheless, investors should be mindful of getting carried away in a wave of speculation, with money they can't afford to lose," she writes.
Trump has said he would make the US the crypto capital of the world and create a national reserve of Bitcoin, which has delighted crypto investors. Barron's 1/20/2025
In the UK, the BBC 1/20/2025 added additional information:
Trump had previously called crypto a "scam," but during the 2024 election campaign became the first presidential candidate to accept digital assets as donations. During the campaign, his family launched a cryptocurrency company, World Liberty Financial - which aims to lead "a financial revolution by dismantling the stranglehold of traditional financial institutions." The latest coins are linked to previous sales of crypto collectable NFTs launched in 2022 that made millions of dollars but have since fallen [about 70%] in value for their owners.
On the campaign trail, Trump also said he would create a strategic Bitcoin stockpile and appoint financial regulators that take a more positive stance towards digital assets. That spurred expectations that he would strip back regulations on the crypto industry.
On Friday, 1/17, the incoming artificial intelligence (AI) and crypto czar David Sacks held a "Crypto Ball" in Washington, DC. Other cryptocurrencies, including Dogecoin - which has been promoted by high-profile Trump supporter Elon Musk - have also risen sharply. The growth of Dogecoin has significantly increased the interest in so-called "meme coins" - cryptocurrencies typically linked to a viral internet trend or moment.
By contrast, under President Biden, regulators cited concerns about fraud and money laundering as they cracked down on crypto companies by suing exchanges.
Melania's Meme coin has come from her own incorporated company MKT World LLC – a firm she has used since 2021 for various ventures, including selling portraits of her as First Lady. With their profile and social media presence, the Trump coin and Melania coin have already entered the top 100 coins in terms of value. Melania's coin is now worth more than AI entrepreneur Sam Altman's Worldcoin.
[Dave notes: Former Biden regulators wanted crypto treated like securities with the risks, other disclosure requirements and financial reporting of registered securities. Trump, with his new SEC Chairman, promises less strict regulation, so bitcoins/cyber-currencies have gone wild in price, and of course are favored by criminals and for ransom payments.
For investors, this is exciting unless it goes the way of Tulips in 17th century Holland, as some compare it to https://komodoplatform.com/en/academy/tulip-bulb-bubble
Bitcoins have no fundamental value, and future significant gains, some say, depend on the "greater fool" theory for an asset with no value other than what someone wants to buy it for.]
The world's most powerful man launched his own branded cryptocurrency, $TRUMP, 2 days before his inauguration in what some fear may be a so-called Trump and dump. The coins sold for about $3 each before Trump publicly announced the digital token on Friday evening. It soared to a high of $76.94 in the following hours.
About 80% of the coin's supply is owned by an affiliate of the Trump Organization, Fight Fight Fight and CIC Digital, which has drawn criticism from within and outside the crypto industry, according to Wall Street Journal and Bloomberg reports.
Trump's wife, Melania launched a rival token in a social media post Sunday: $MELANIA. The value of the coin also soared. According to CoinMarketCap, $Trump has a total market valuation of about $12bn, while $Melania's stands at around $1.7bn.
Hargreaves Lansdown analyst Susannah Streeter said, "Nevertheless, investors should be mindful of getting carried away in a wave of speculation, with money they can't afford to lose," she writes.
Trump has said he would make the US the crypto capital of the world and create a national reserve of Bitcoin, which has delighted crypto investors. Barron's 1/20/2025
In the UK, the BBC 1/20/2025 added additional information:
Trump had previously called crypto a "scam," but during the 2024 election campaign became the first presidential candidate to accept digital assets as donations. During the campaign, his family launched a cryptocurrency company, World Liberty Financial - which aims to lead "a financial revolution by dismantling the stranglehold of traditional financial institutions." The latest coins are linked to previous sales of crypto collectable NFTs launched in 2022 that made millions of dollars but have since fallen [about 70%] in value for their owners.
On the campaign trail, Trump also said he would create a strategic Bitcoin stockpile and appoint financial regulators that take a more positive stance towards digital assets. That spurred expectations that he would strip back regulations on the crypto industry.
On Friday, 1/17, the incoming artificial intelligence (AI) and crypto czar David Sacks held a "Crypto Ball" in Washington, DC. Other cryptocurrencies, including Dogecoin - which has been promoted by high-profile Trump supporter Elon Musk - have also risen sharply. The growth of Dogecoin has significantly increased the interest in so-called "meme coins" - cryptocurrencies typically linked to a viral internet trend or moment.
By contrast, under President Biden, regulators cited concerns about fraud and money laundering as they cracked down on crypto companies by suing exchanges.
Melania's Meme coin has come from her own incorporated company MKT World LLC – a firm she has used since 2021 for various ventures, including selling portraits of her as First Lady. With their profile and social media presence, the Trump coin and Melania coin have already entered the top 100 coins in terms of value. Melania's coin is now worth more than AI entrepreneur Sam Altman's Worldcoin.
[Dave notes: Former Biden regulators wanted crypto treated like securities with the risks, other disclosure requirements and financial reporting of registered securities. Trump, with his new SEC Chairman, promises less strict regulation, so bitcoins/cyber-currencies have gone wild in price, and of course are favored by criminals and for ransom payments.
For investors, this is exciting unless it goes the way of Tulips in 17th century Holland, as some compare it to https://komodoplatform.com/en/academy/tulip-bulb-bubble
Bitcoins have no fundamental value, and future significant gains, some say, depend on the "greater fool" theory for an asset with no value other than what someone wants to buy it for.]
