Just a few hours before the inauguration, Donald Trump introduced the meme coin $TRUMP, which quickly gained popularity. This was reported by The Washington Post.
Meme coins like $TRUMP and Dogecoin are cryptocurrencies created to promote ideas or jokes. They lack fundamental value and are characterized by high volatility.
The cryptocurrency $TRUMP, launched on January 18, started at a price of $0.18 per token and rapidly reached $20. In less than a week, the value of Trump’s meme coin increased by 1589%, including a 45% rise in the last 24 hours.
The market capitalization hit $5.5 billion on the launch day. The official website for the meme coin states that it reflects the "spirit of a leader who never gives up."
The $TRUMP meme coin was created by a company associated with the Trump Organization. Previously, it sold other products under the Trump brand, including footwear and perfumes. The new project is positioned as a symbol of support rather than an investment or political donation.
A similar cryptocurrency was launched by the president's wife, Melania Trump. The new token $MELANIA surged over 24000% in the first hour of trading, reaching a peak value of $13, but soon began to decline.
Critics argue that the launch of the meme coin could raise serious ethical questions, considering the conflict of interest between Trump's business initiatives and his presidential duties.
"This could become the most significant conflict of interest in modern presidential history," commented former White House ethics advisor Norman Eisen.
Concerns have also been raised about the potential use of the project to circumvent regulations and launder money.
Crypto-Trump
Donald Trump declared cryptocurrency a national priority and plans to establish a governmental advisory council on digital assets. He also promised to make the U.S. the "crypto-capital of the world," and his team is planning extensive reforms in cryptocurrency regulation.
On his first day in office, he intends to sign an executive order aimed at removing barriers for the crypto industry. Trump also plans to appoint pro-crypto advocate Paul Atkins as the new head of the SEC, from whom the financial sector expects reforms in regulation.
Additionally, on January 20, Bitcoin set a new record, reaching a peak of $109,356 on the Bitstamp exchange. Currently, the cryptocurrency is trading around $108,000 after a slight correction.
This growth is supported by expectations of pro-cryptocurrency policies from the new U.S. administration, which boosts investor optimism.
Earlier, Spot reported that Binance had reached an agreement with the NAPP to operate in Uzbekistan.