President-elect Trump launches own cryptocurrency meme coin ahead of inauguration

Published On Jan 18, 2025, 6:12 PM

President-elect Trump has launched a new cryptocurrency called $TRUMP, which experienced an unprecedented rise from a few cents to $33.87 within 24 hours, though it has since settled around $26 with a market cap of over $5 billion, making it one of the top cryptocurrencies. Trump aims to be the most crypto-friendly president and plans to reverse the current administration's regulatory stance on cryptocurrencies. The coin is viewed as a meme coin, and there's skepticism about its long-term stability, especially given that a significant portion is owned by Trump-affiliated entities. The reaction to the launch has been mixed, with some seeing it as a reflection of meme culture in crypto, while others criticize it as a potential cash grab.