Donald Trump launched a cryptocurrency $TRUMP Friday and it eclipsed a market capitalization of $8 billion as there was a huge rush to buy the memecoin after Trump announced the buying opportunity in a 9PM post Friday on his Truth Social. He said the occasion to launch the memecoin was his election victory though it came just days before his inauguration. “It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR $TRUMP NOW,” Trump wrote. Only 200 million coins were available at the launch and it is not clear how much profit Trump earned following the release of his coins.
What is $TRUMP? Is it real?
A memecoin is a cryptocurrency that originates from an Internet meme. They do not have any economical or transactional value and are often seen a sa means of speculative trading. “This Trump Meme celebrated a leader who doesn’t back down, no matter the odds,” the coin’s official site said.
Trump has a line of merchandise including his watch, Bible etc and this memecoin is the latest addition to it. Social media users wondered whether this was legitimate and ethical for a president-to-be.
‘Are you serious? The hypocrisy is inane’
“MAGA, let me get this straight: Donald Trump is selling a meme cryptocurrency and you have no problem with that…But when Hunter Biden paints and sells his artwork to people, that’s apparently “corrupt?” Are you serious? The hypocrisy is insane. MAGA corruption is real,” a social media user said.
“What’s the difference between the Hawk Tuah coin and the Trump coin besides nothing?” one social media user asked. The viral Hawk Tuah girl Hailey Welch faced a huge flak after the price of memecoin nosedived following a sudden short spike making people lose a huge amount of money.
“Surely the $TRUMP coin can’t be real, right? 80% locked for CIC Digital, a company connected to one of his attorneys. And the tiny print that states, “not meant to be an investment but a show of support”,” one wrote.
“Trump Memes are intended to function as an expression of support for, and engagement with, the ideals and beliefs embodied by the symbol “$TRUMP” and the associated artwork, and are not intended to be, or to be the subject of, an investment opportunity, investment contract, or security of any type,” the fine print said.
