While promoting the meme piece, Trump told his supporters to “Have fun! » The website selling the tokens says they are intended as a show of support and not an investment opportunity, according to the AP report.
That didn’t stop people from trying to make money. The Trump meme coins started selling at $10 each before climbing to around $70 by Sunday afternoon. (Eastern Standard Time).
Memo coins are a strange and highly volatile corner of the crypto industry that often starts as a joke with no real value, but can skyrocket if enough people are willing to buy them. Perhaps the best known is Dogecoin, the cryptocurrency whose mascot is a super cute dog who thinks things like “wow a lot.” Meme coins can be used by scammers looking to make a quick fortune at the expense of unwary investors.
Some crypto enthusiasts welcomed the release of the Trump coin, saying it symbolized the new president’s support for an industry that felt unfairly targeted by the Biden administration. Trump has promised to usher in crypto-friendly regulations and has chosen crypto cheerleaders for key government positions. Critics have said the Trump coin could be a dangerous way for special interests and foreign governments to try to buy influence with the president. The sale of the Trump coin meme was organized by CIC Digital, a subsidiary of the Trump Organization. The coin’s website states that 200 million Trump coins are currently available, with plans to issue 1 billion over the next three years. CIC Digital and another company collectively own 80% of Trump Coin and will receive “commercial income derived from trading activities,” according to the token’s website.
The Trump family business recently released an ethics agreement that prohibits Trump from making “day-to-day” decisions at the Trump Organization while he is president and limits financial information about the company shared with him.
Trump and his family already helped launch a new cryptocurrency exchange business last year. The president-elect has also dabbled in NFTs, or non-fungible tokens, and said last year he made between $100,000 and $1 million from a series of digital trading cards that depicted him in type images. cartoon, notably as an astronaut, cowboy and superhero. .
FAQs
T1. What is the price of Trump Meme Coin?
A1. The Trump meme coins started selling at $10 each before climbing to around $70 by Sunday morning.
Q2. Did Donald Trump invest in cryptocurrencies?
A2. Trump and his family already helped launch a new cryptocurrency exchange business last year. The president-elect has also dabbled in NFTs, or non-fungible tokens, and said last year he made between $100,000 and $1 million from a series of digital trading cards that depicted him in type images. cartoon, notably as an astronaut, cowboy and superhero. .
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