President-elect Donald Trump has introduced a new cryptocurrency token that is rapidly gaining in value, potentially bolstering his net worth just days before his inauguration. This move marks another unconventional promotion by Trump, who has previously endorsed a variety of branded items, including Bibles, gold sneakers, and diamond-encrusted watches.
In a social media post late Friday, Trump encouraged supporters to “celebrate everything we stand for: WINNING!” while promoting the new token, which features an image of Trump raising his fist, accompanied by the words “FIGHT FIGHT FIGHT”—a reference to his defiant response following an assassination attempt at a political rally in July.
The meme coin, designed as a symbol of support rather than an investment opportunity, has sparked a rush of interest. Initially priced at $10 each, the tokens saw a significant surge, reaching nearly $70 by Sunday morning, before dropping sharply later in the day following the release of a meme coin featuring Trump’s wife, Melania. The Melania coin was trading at about $5 by Sunday afternoon.
Meme coins—volatile and speculative assets in the cryptocurrency market—often begin as jokes with no intrinsic value, but can experience dramatic price increases if enough buyers enter the market. Dogecoin, featuring a meme of a Shiba Inu dog, is one of the most famous examples. These coins are sometimes targeted by scammers seeking to profit from unsuspecting investors.
Some crypto enthusiasts have welcomed the Trump meme coin as a reflection of the incoming president’s stance on cryptocurrency, particularly after what many perceived as unfavorable treatment by the Biden administration. Trump has committed to promoting crypto-friendly regulations and has appointed crypto advocates to key government positions.
However, critics have raised concerns that the Trump meme coin could serve as a potential tool for special interests or foreign governments to influence the president.
“Now anyone in the world can essentially deposit money into the bank account of the President of the USA with a couple of clicks,” said Anthony Scaramucci, former White House communications director, on X.
The coin sale is organized by CIC Digital, a subsidiary of the Trump Organization. According to the coin’s website, 200 million Trump meme coins are available, with plans to release up to 1 billion tokens over the next three years. CIC Digital and another entity control 80% of the coins and will collect “trading revenue derived from activities on the token.”
While Trump’s family business has released an ethics agreement that limits his direct involvement in day-to-day operations while he is president, concerns about financial transparency remain.
Last year, Trump and his family launched a new venture aimed at trading cryptocurrencies. He has also been involved in NFTs, reporting earnings of between $100,000 and $1 million from a series of digital trading cards depicting him as various characters, including an astronaut, a cowboy, and a superhero.
Trump’s social media platform, Truth Social, continues to attract attention, with its stock value buoyed by his supporters, despite struggling to generate significant revenue. Currently valued at more than $8 billion, Truth Social plays a crucial role in increasing both Trump’s net worth and his political influence.