This weekend, Donald Trump and his family rolled out their own cryptocurrency called $Trump, just days before his inauguration.
Donald Trump and his family have introduced their own cryptocurrency, named $Trump, just days ahead of his inauguration. The coin began trading at $6.54 on Friday and surged to $73.43 by Sunday. According to Axios, a company linked to Trump owns 80% of the coin, resulting in a paper gain of $50 billion for him and his team.
This venture marks a shift in Trump's stance on cryptocurrency, as he previously referred to it as a scam in 2020. However, during his campaign, he expressed his intention to make the U.S. the "crypto capital" of the world.
In addition to Donald Trump, Melania Trump also launched her own cryptocurrency on Sunday night. However, her coin has not gained significant traction compared to her husband's.
Eric Trump proudly commented on their crypto achievements, stating, "$Trump is currently the hottest digital meme on earth."
While Trump's supporters appear enthusiastic about his crypto endeavors, the broader crypto community has expressed varying opinions.
Critics have raised concerns that this move appears to be a strategy by Trump to capitalize on his loyal supporters. They highlight the fact that owning 80% of the coins raises suspicions of a potential pump-and-dump scheme.
Nick Tomaino, a former Coinbase executive, tweeted his担忧 over Trump's ownership and the timing of the launch, cautioning that many could be negatively impacted by it.
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