We’ve finally come to the momentous, historic day of the inauguration of Donald J. Trump as 47th US President.
With everything that Trump and his die-hard supporters have endured for the last four years, certain aspects of this day seem like a dream come true.
And other associated events just strike us as fantastic, such as the arrival and surge in popularity of $TRUMP, the ‘meme-coin’ celebrating his return to the presidency.
The launch of $TRUMP on January 17th has made the incoming president a ‘paper fortune’ that propels him to the heights of fortune, as one of the world’s richest men, right on the eve of his inauguration.
The Telegraph reported:
“Mr. Trump is sitting on a stack of digital tokens theoretically worth $43bn after investors and supporters piled in to the launch of his $Trump coin on Friday.”
The token soared in value right after its launch and is now one of the world’s most valuable cryptocurrencies.
“The 200m in circulation are worth a combined $10.7bn (£8.6bn), but the coin’s website said that 1bn tokens will be released in total over the next three years. The remaining 800m are still held by CIC Digital, which describes itself as an affiliate of the Trump Organization, and Fight Fight Fight LLC, a subsidiary.”
As I write this post, the $TRUMP coin is trading at approximately $55.31 USD, with the holdings worth approximately $44.22 billion.
It is not known how much President Trump will personally gain – but combined with his existing $7.2bn fortune he would be worth around $51.4bn.
“Securing that wealth appears unlikely. Meme coins are notorious for volatile price movements and traders seeking to ride their momentum to make quick profits by rapidly buying and selling the tokens.
The Trump coin itself rapidly fell from a high of $75.35 on Sunday to around half that several hours later, before recovering on Monday morning.”
First Lady Melania released her own meme coin on Sunday (19), and it has also shot up in value. The 192m Melania coins in circulation have a value of $2.2bn.
“The price of Bitcoin also hit an all-time high on Monday, rising above $109,000. Mr. Trump has described himself as the ‘crypto president’ and was heavily backed by the industry during the election.”
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