President-elect Donald Trump launched his own cryptocurrency Friday evening. The $TRUMP meme coin had a market cap of $5 billion as of Saturday afternoon, with most of it owned by Trump and his companies.
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Trump declared $TRUMP as his “Official Trump Meme” piece on social media. Several other Trump-branded coins exist, but none with his endorsement.
$TRUMP coin climbed to $33.78 on Saturday morning and is currently around $27. The market capitalization now stands at $5.4 billion, according to CoinMarketCap.com. But the fully diluted valuation is around $27 billion.
The $TRUMP website says 80% of the meme coin is owned by CIC Digital, a subsidiary of the Trump Organization, and a co-owned entity of CIC called Fight Fight Fight.
Trump considered pro-crypto
The $TRUMP meme coin launches just before Trump’s inauguration on Monday. Trump would do it issue decrees on Bitcoin and the crypto industry from its first day or soon after. It should adopt a lighter regulatory approach. During the campaign, Trump also said he would create a strategic Bitcoin reserve.
Bitcoin traded just below $104,000 on Saturday. The price soared to nearly $106,000 on Friday, just below all-time highs, following reports of Trump’s upcoming executive orders on bitcoin. The pioneer cryptocurrency was trading at 104,767.70 as of 4 p.m. ET.
$TRUMP or DJT stock?
Actions of Trump Media and Technology (DJT) served as an indicator of Trump sentiment during the campaign and after the election. Trump Media, Truth Social’s parent company, is posting big losses and low revenue, but its market cap stands at $8.68 billion as of Friday’s close. Donald Trump is the majority owner
Going forward, will the $TRUMP meme coin become the new indicator of Trump sentiment, or will both continue to serve this role?
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