Don the Con has done it agin! US President-elect Donald Trump has launched his own cryptocurrency, which quickly soared in market capitalization to several billion dollars...
His release of the meme coin, Trump, comes as he prepares to take office on Monday as 47th president of the US. The coin is already ranked 19th out of all 10,689 active cryptocurrencies listed on CoinMarketCap.The venture was co-ordinated by CIC Digital LLC an affiliate of the Trump Organization. The were the ones responsible for selling Trump-branded shoes and fragrances.
As we all know meme coins are used to build a viral internet trend, but they lack intrinsic value and are extremely volatile investments.
CIC Digital LLC and Fight Fight Fight LLC, a company formed in Delaware earlier this month, own 80% of the tokens. It is unclear how much money Trump might make from the venture, but what I can say is insider and traders who got in early will make a killing. However, the smells like a pump and dump so most retail buyers will be the ones who loose out.
Solana (SOL) may be the biggest winner as it also rocketed after the launch since Trump's coin is on the popular blockchain network. Who know the legality behind such a stunt and I can't tell if its a good thing for crypto as a whole. All I did see was that Trump's team is trying to be somewhat careful by adding a pretty funny disclaimer to the site.
Disclaimer - “intended to function as an expression of support for, and engagement with, the ideals and beliefs embodied by the symbol ‘$TRUMP’ and the associated artwork, and … not intended to be, or to be the subject of, an investment opportunity, investment contract, or security of any type.”
I can't wait to see what kind of drama this is going to create form a regulatory perspective. I know presidents are not supposed to use the position to gain finical benefit to themselves or family and it looks like Trump is going to spit in the face of that protocol before he is even in office.
Had I known as an insider I would have bought like crazy right away and dumped when it topped out. I could have made millions! Sadly I wasn't in the "know" for this one or Melania's that came out as well. I sure wish I knew someone with that kind of inside info!
!BBH
I would dump on these MAGA fanatics too
People who are buying now are going to lose a lot of money...
I have been envisaging that it will launch his own coin. I believe more and more is still to come actually
It's all pump and dump
Heard about the trend yesterday and I've been patiently waiting to see the aftermath. It's not going to be funny if it goes near to rugpull 😅
All his family coins are rug pulling
The price of Trump Coin will be dramatic, go up a lot and after 3-4 years it will start losing its value. Now this coin can be held
It's a roller coster heading straight to 0
He is such a con artist… and nothing will happen to him because he repels justice like oil repels water.
But whatever… rapist, felon, crypto scammer, president… it’s all the same these days.
Biggest con man around. It's wild to see this play out, but I'm not surprised.
Profiting from memecoin is the only sensible thing to do
I guess...
With 80% of tokens controlled by related parties, this poses a "pump and dump" risk that is detrimental to retail investors.
It detrimental to the whole space.
Haha, your last sentence... Nothing new there!
It's pretty wild I can't wait either monday will be shit show or nothing burger.
Same, I just want it to be over so we can start trudging forward.
!LOL
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He needed to get his grades up
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It's like that two days we saw the market went up a lot then it went down and the price of this coin went up a lot some people took profit and some people bought it at $70 that's it. They are still very worried.
It’s tanking right now
Yeah.
Lol I wouldn't buy it, but says enough on new president interest in crypto, let's hope!
I think these actions actually hurt crypto