Cryptocurrency: Trump’s new meme coin rises in value

President-elect Donald Trump has launched a new one cryptocurrency token rising in value — and potentially increasing his net worth — just before his inauguration. It’s the latest norm-defying promotion by Trump, which has also helped sell branded goods bibles, gold sneakers and diamond-encrusted watches.

“It’s time to celebrate everything we stand for: WIN! Join my very special Trump community,” Trump said in a social post late Friday promoting the new tokens. They are marketed with an image of Trump holding a fist over the words “FIGHT FIGHT FIGHT,” a reference to Trump’s response to an assassination attempt at a political rally in July.

Promoting the meme coin, Trump told supporters to “have fun!” The website selling the tokens says they are meant as an expression of support and not an investment opportunity.

That hasn’t stopped people from trying to make money. The Trump meme coins started selling for $10 each before rising to as high as around $70 as of Sunday morning.

Memo coins are a strange and very volatile corner of the crypto industry that often start out as a joke with no real value, but can rise in price if enough people are willing to buy them. Dogecoin, the cryptocurrency whose mascot is a super cute dog who ponders things like “very wow” is perhaps the most famous. Meme coins can be used by scammers looking to make a quick fortune at the expense of unwary investors.

Some crypto enthusiasts hailed the Trump meme coin’s release, saying it is symbolic of the support of the incoming president for an industry that felt unfairly targeted by the Biden administration. Trump has promised to initiate crypto-friendly regulations and chose crypto cheerleaders to central government posts.

Critics said the Trump meme coin could be a dangerous way for special interests and foreign governments to try to buy influence with the president.

“Now essentially anyone in the world can deposit money into the bank account of the president of the United States with a few clicks,” said Anthony Scaramucci, a former Trump White House communications director. said on X.

The Trump meme coin sale was organized by CIC Digital, a subsidiary of the Trump Organization. The mint’s website said 200 million Trump meme coins are currently available, with plans to issue 1 billion over the next three years. CIC Digital and another company jointly own 80% of the Trump meme coins and will receive “trading revenue from trading activities,” according to the token’s website.

The Trump family business recently released a ethical agreement that bans Trump from “day-to-day” decision-making at the Trump Organization when he is president and limits financial information about the company being shared with him.

Trump and his family in the past helped launch a new venture into trading cryptocurrencies last year. The president-elect has also pushed NFTs, or non-fungible tokens, and last year reported earning between $100,000 and $1 million from a series of digital trading cards that portrayed him in cartoon-like images, including as an astronaut, a cowboy and a superhero.

Trump’s social media company, Truth Social, has also defied traditional notions of value. Despite fighting to raise revenue, the company is currently valued at more than $8 billion as Trump’s supporters help boost the stock price and his net worth along with it.