With his historic presidency just a day away, Donald Trump, the president-elect of the United States launched a meme coin with the name $TRUMP.
Trump's Meme Coin
A meme coin or a meme cryptocurrency is a cryptocurrency that originates from an Internet meme. This coin usually has no value or utility in the real world, and its value is subject to a wider spectrum of volatility.
In his post on Truth Social and X, Trump said, "My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR $TRUMP NOW. Go to http://gettrumpmemes.com — Have Fun!"
$Trump Trends On X
The keyword $TRUMP is trending on the Elon Musk-owned platform, X, with close to a 1.2 million posts on the matter.
The trending topic on X |
Many netizens on the platform have now reacted to this announcement. Some have espoused this, others have presented a critical picture.
Netizens React To The Surge
X user by the name Brian Krassenstein, said, "He said he’d lower MY egg prices and reduce energy prices by 50 per cent but instead launched his own $Trump Crypto coin and instantly made himself and friends USD 20 BILLION, while opening up a channel for massive foreign money laundering to himself and his allies."
He further added, "In no world is this a positive for the country. Even the most ardent Trump supporters have to understand this."
Another X user Zack Guzman added, "Three days before the inauguration, Trump has launched a memecoin that has since risen more than 10,000 per cent.
In addition, Guzman also said, "He did so after inviting the Crypto Industry to a black tie event in DC. Here’s my theory on $TRUMP, which is almost diabolical, but totally something Trump is capable of 🧵"
Others had meme-orriented reactions.
$TRUMP Jumps To USD 25 Billion In 12 Hours
Another Crypto user claimed that the cryptoexchange platform, COINBASE will list the coin on its platform.
Another user added, "$TRUMP In 50 years, we have gone from backing nation’s currency with gold reserve to the President of the United States marketing “buy my shitcoin.” I don’t even know what kind of laissez-faire this is. Ripe for corruption, money laundering. Equalizing all bad behaviors. Wild."
Some reports suggest, that within about 12 hours of the currency's launch, the market capitalisation of the $TRUMP memecoin rose to USD 25 billion.
This move is similar to the listing of his company, Truth Social on the equity exchange, which is generally considered a meme stock. A stock, which has no real value, and has a predilection to see dramatic fall and rise in value for no specific reason.
Donald Trump's current net worth as according to Forbes stands at USD 6.3 billion.
