Trump Unveils $TRUMP Meme Coin, Surging to $6 Billion Market Cap
The president-elect's cryptocurrency launch days before his inauguration has sparked significant market activity and raised questions about conflicts of interest.
- President-elect Donald Trump announced the launch of $TRUMP, a cryptocurrency meme coin, via social media just days before his inauguration.
- The coin, which initially traded at a few cents, surged to $31 within 24 hours, reaching a market capitalization of over $6 billion.
- A network of Trump-affiliated companies collectively owns 80% of the coin's supply, with a three-year lock preventing immediate liquidation of holdings.
- The $TRUMP coin is based on the Solana blockchain and is described as a symbolic piece of history rather than an investment opportunity, though its value has risen significantly.
- The launch has drawn both praise for its potential to promote cryptocurrency and criticism over possible conflicts of interest and financial motivations.
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