President-elect Asset launched a new meme coin – sparking a buying frenzy that saw the token skyrocket more than 300% in a matter of hours.
Buyers rushed to acquire the limited supply of $TRUMP cryptocurrency after the president-elect announced the buying opportunity in a message at 9 p.m. Friday. Social truth.
“It’s time to celebrate everything we stand for: WIN! Join my very special Trump community. GET YOUR $TRUMP NOW,” Trump wrote.
“Have fun!”
The new token’s initial value of $0.18 jumped to $7.1 shortly after its launch, later peaking at $21.51. Business Today reported.
$TRUMP coins have reached a market cap of $8 billion and trading volumes approaching $1 billion.
Only 200 million tokens were up for grabs at launch, but the supply is expected to reach 1 billion tokens over the next three years.
It’s unclear how much profit Trump made after his plays were released Friday. Representatives for the president-elect did not respond to The Post’s request for comment.
The venture is the latest in a series of products released by the Trump Organization in recent months, which also sells Trump-branded sneakers, perfume, Bibles and digital trading cards.
The $TRUMP cryptocurrency is billed as a “piece of history” that “celebrates a leader who doesn’t back down, no matter the odds.” according to the website.
A poster reading “Fight!” ” Struggle! Fight” – the ad for the pieces shows a much slimmer Trump with his fist raised in an apparent reference to his assassination attempt.
However, the fine print also states that the pieces “are not political and have nothing to do with any political campaign or political office or government agency.”
“Trump memes are intended to function as an expression of support and commitment to the ideals and beliefs embodied in the “$TRUMP” symbol and associated artwork, and are not intended to be, or to subject matter, investment opportunity, investment contract or security of any type,” warns the fine print at the bottom of the web page.
Cryptocurrency just launched two days before Trump’s inauguration and just hours after the president-elect announced the inauguration ceremony would be held indoors due to the frigid temperatures expected to descend on the nation’s capital.
Trump, 78, will spend the night Sunday at Blair House and have tea Monday morning with outgoing President Biden before heading to the Capitol.