President-elect Donald Trump started his own cryptocurrency on Friday, and the coin quickly skyrocketed in value ahead of his inauguration to a second term in the White House.
Mr. Trump previously scoffed at cryptocurrency, calling it a scam, but eventually embraced it on the campaign trail, becoming the first presidential candidate to fundraise off digital assets.
His launch of $TRUMP, Mr. Trump’s officially licensed crypto meme coin, further signified the friendlier approach the president-elect could take to the industry during his incoming term.
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“My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR $TRUMP NOW,” he posted on Truth Social.
His embrace of the industry has paid off.
As of Saturday afternoon, the value of each coin had reached over $27, a dramatic increase of nearly 550%. That meant, on paper, $TRUMP’s total value stood at $27 billion, according to CoinGecko.
Much of that value is funneling back to Mr. Trump and his businesses. Indeed, 80% of the coins are held by CIC Digital LLC, an affiliate of the Trump Organization, and Fight Fight Fight LLC, co-owned by CIC, according to the meme coin’s website. Those organizations are subject to a three-year unlocking schedule, which means they can’t dump all of their holdings immediately.
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