Trump launches meme coin, $TRump days before return to White House

Some 200m of the digital tokens have been issued and one other 800m might be launched within the subsequent three years, the coin’s web site mentioned.

“This Trump Meme celebrates a pacesetter who does not again down, irrespective of the chances,” the web site mentioned.

It included a disclaimer noting the coin is “not supposed to be, or the topic of” an funding alternative or a safety and was “not political and has nothing to do with” any political marketing campaign, political workplace or authorities company.

Critics accused Trump of cashing in on the presidency.

“Trump proudly owning 80 % and timing launch hours earlier than inauguration is predatory and plenty of will seemingly get harm by it,” Nick Tomaino, a crypto enterprise capitalist, mentioned in a social media put up.

Such digital tokens are infamous for speculators utilizing hype to pump up the worth earlier than promoting on the high of the market, leaving latecomers to depend their losses as the value crashes.

Cryptocurrency traders are hoping the Trump administration will increase the business.

President Joe Biden’s regulators cited issues about fraud and cash laundering as they cracked down on crypto corporations by suing exchanges.

Trump was beforehand skittish about cryptocurrency, however at a Bitcoin convention in Nashville final yr he mentioned America could be “the crypto capital of the planet” as soon as he returned to Washington.

His sons Erik and Donald Jr introduced their very own crypto enterprise final yr.