Don the Con has done it agin! US President-elect Donald Trump has launched his own cryptocurrency, which quickly soared in market capitalization to several billion dollars...
His release of the meme coin, Trump, comes as he prepares to take office on Monday as 47th president of the US. The coin is already ranked 19th out of all 10,689 active cryptocurrencies listed on CoinMarketCap.The venture was co-ordinated by CIC Digital LLC an affiliate of the Trump Organization. The were the ones responsible for selling Trump-branded shoes and fragrances.
As we all know meme coins are used to build a viral internet trend, but they lack intrinsic value and are extremely volatile investments.
CIC Digital LLC and Fight Fight Fight LLC, a company formed in Delaware earlier this month, own 80% of the tokens. It is unclear how much money Trump might make from the venture, but what I can say is insider and traders who got in early will make a killing. However, the smells like a pump and dump so most retail buyers will be the ones who loose out.
Solana (SOL) may be the biggest winner as it also rocketed after the launch since Trump's coin is on the popular blockchain network. Who know the legality behind such a stunt and I can't tell if its a good thing for crypto as a whole. All I did see was that Trump's team is trying to be somewhat careful by adding a pretty funny disclaimer to the site.
Disclaimer - “intended to function as an expression of support for, and engagement with, the ideals and beliefs embodied by the symbol ‘$TRUMP’ and the associated artwork, and … not intended to be, or to be the subject of, an investment opportunity, investment contract, or security of any type.”
I can't wait to see what kind of drama this is going to create form a regulatory perspective. I know presidents are not supposed to use the position to gain finical benefit to themselves or family and it looks like Trump is going to spit in the face of that protocol before he is even in office.