Cryptocurrency has increasingly entered mainstream political and financial discourse, and Trump has previously shown interest in the industry.
President-elect Donald Trump unveiled a cryptocurrency token, $TRUMP, on Friday, which saw a rapid surge in value, reaching a market valuation of $72 billion by Sunday morning, according to CoinGecko data.
The token, available for purchase on CIC Digital's website, is priced at $10,000, with a total supply of 72 million, as reported by Politico.
Trump's venture marks an unprecedented intersection of personal financial interests and public office, a move that has raised ethical concerns.
The cryptocurrency, described by Trump as a "memecoin," is the latest in a series of initiatives undertaken by the president-elect, which include selling digital trading cards and attending bitcoin conferences during his campaign.
Trump's administration is expected to introduce policies that could significantly benefit the crypto industry, such as regulatory overhauls and government bitcoin stockpiling, as reported by Axios.
The launch of $TRUMP was announced by Trump on Friday night via his social media platforms, where he shared a video promoting the token.
"I'm excited to announce the launch of $TRUMP, a cryptocurrency token with no intrinsic real-world value," Trump stated in the video announcement.
"This token is designed to provide holders with a unique and exciting way to express their support for me and my policies," he added.
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