By Auzinea Bacon, CNN
This is the first cryptocurrency endorsed by the incoming president, who once trashed bitcoin as "based on thin air." Photo: AFP
US President-elect Donald Trump on Friday launched his first cryptocurrency, a meme coin called $TRUMP, which has since become the 19th largest cryptocurrency.
The coin was trading at just over $68 as of Sunday afternoon and valued at more than $68 billion, according to CoinGecko.
This is the first cryptocurrency endorsed by the incoming president, who once trashed bitcoin as "based on thin air."
In July 2024, Trump addressed crypto's largest convention and has since appointed Howard Lutnick, who supports the cryptocurrency company Tether, to run the US Commerce Department. Lutnick is among other crypto enthusiasts appointed to Trump's next administration.
The meme coin's website says it is "the only official Trump meme." Meme coins, a class of highly volatile cryptocurrencies, often derive their branding from internet trends and cultural phenomena.
"Now, you can get your piece of history. This Trump Meme celebrates a leader who doesn't back down, no matter the odds," the website reads.
Its market value, which is based on the 200 million coins circulating, is capped at $13 billion, according to CoinMarketCap. The meme coin's website said there will be 1 billion Trump coins over the next three years.
The website says the meme coin is not politically affiliated. But 80% of the coin's supply is held by Trump Organization-affiliate CIC Digital and Fight Fight Fight LLC, which are both subject to a three-year unlocking schedule - so they cannot sell all of their holdings at once.
- CNN
