US President-elect Donald Trump has unveiled his own bitcoin, called$ TRUMP, sending the industry into a frenzy. The meme coin’s debut on Saturday saw its market capitalization rise to nearly$ 600 billion in just a few hours and reach nearly$ 600 billion in just a few hours.
Announcing the coin on his Truth Social platform and X, Trump described$ Republican as a joke gold, a digital token usually based on a character, action, or internet craze. These coins typically have no financial or contextual value and are viewed as speculative.
The stock’s official site stated,” This Trump Meme celebrates a leader who doesn’t back down, no matter the probabilities”, referencing an assassination attempt on the Democratic president in July 2024.
Despite the enthusiasm, some crypto enthusiasts are concerned about the stock’s validity and its true relation to Trump, with some fearing a potential scam. Trump’s strong presentations on his checked social media accounts and his prior sales of NFTs to CIC Digital LLC, one of the companies behind the project, provided some comfort.
At launch, 200 million cash were issued, according to its official website. The project management firm Fight Fight Fight LLC also announced plans to release an extra 800 million cash over the next three decades.
Based on current estimates, the remaining cash could be for an estimated$ 24 billion.
Trump, who was formerly critical of bitcoin, shifted his position during his 2024 presidential plan. He fought for the sector’s growth and vowed to obstruct requirements.
World Liberty Financial, a blockchain system created by entrepreneurs connected to Trump, was launched in October as a result of this statement.
Yet, neither Trump nor Fight Fight LLC have made any profits announcements regarding the first sample of$ Republican cash.
