President-elect Trump has launched a new meme coin – sparking a buying spree that has seen the token skyrocket by more than 300% in a matter of hours.
Buyers rushed to snap up the limited supply of Trump's cryptocurrency after the president-elect announced the buying opportunity in a post on Truth Social at 9pm on Friday.
“It's time to celebrate everything we stand for: winning! Join our very special Trump community. Get your Trump dollar now,” Trump wrote.
“I listen!”
Business Today reported that the new token's initial value of $0.18 rose to $7.1 shortly after its launch, later peaking at $21.51.
Trump coins have reached a market value of US$8 billion, and trading volume has approached US$1 billion.
There were only 200 million tokens up for grabs at launch, but the supply is expected to expand to 1 billion tokens over the next three years.
It is not clear how much profit Trump made after issuing his coins on Friday. Representatives of the president-elect did not respond to the newspaper's request for comment.
The venture is the latest in a series of merchandise released by the Trump Organization in recent months, which has also been selling Trump-branded sneakers, perfumes, Bibles and digital trading cards.
Trump's cryptocurrency is being described as a “piece of history” that “celebrates a leader who doesn't back down, no matter the odds,” according to the website.
Poster – reading “Fight!” He fights! Fight” – the ad for the coins shows Trump looking much slimmer and with his fist raised in an apparent reference to the attempt on his life.
However, the fine print also states that the coins are “not political and have no connection with any political campaign or any political office or government agency.”
“Trump memes are intended as an expression of support for and reaction to the ideals and beliefs embodied by the symbol “$TRUMP” and associated artwork, and are not intended to be or be the subject of an investment opportunity, investment contract, or guarantee of any kind,” The fine print at the bottom of the web page warns.
The cryptocurrency was launched just two days before Trump's inauguration and just hours after the president-elect announced that his swearing-in ceremony would be held indoors thanks to the freezing temperatures expected to grip the nation's capital.
Trump, 78, will stay Sunday night at Blair House and have tea Monday morning with outgoing President Biden before heading to the Capitol.
