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Like clockwork US President elect Donald Trump launches his own cryptocurrency and it takes no time whatsoever for the market capitalization of the coin to rapidly soar into several billion dollars.
Before he takes office on Monday as the 47th president of the US, he has made his meme coin release, $Trump.
Designed by CIC Digital LLC — an affiliate of the Trump Organization — the venture has previously sold Trump-branded shoes and fragrances.
Meme coins promise popularity for a viral internet trend or movement but don’t have intrinsic value and are highly volatile investments.
Hours after its launch Saturday afternoon, the market capitalisation for $Trump was at $5.5bn (£4.5bn) according to CoinMarketCap.com.
The 80 percent of the tokens are owned by CIC Digital LLC and Fight Fight Fight LLC LLC, a company formed in Delaware earlier this month. As to how much money Trump might make on the venture it is uncertain.
“NEW Official Trump Meme is HERE!” It’s time to celebrate everything we stand for: WINNING!” Trump announced the meme coin as he simultaneously wrote on his social media platform Truth Social on Friday night.
The coin’s website said that 200m of the digital tokens have been issued and another 800m…
