President-elect Trump launched his first official cryptocurrency, which shot up in value quickly to kick off his inauguration weekend.
“My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR $TRUMP NOW,” the president-elect shared on Truth Social Friday night.
The price of $TRUMP shot up by 550 percent to nearly $30 by midday on Saturday, and the market value of the coin was $30 billion on paper since the launch, according to CoinGecko.
Trump’s incoming artificial intelligence (AI) and crypto czar David Sacks hosted the first ever “Crypto Ball” in Washington, D.C., on Friday night ahead of the inauguration.
The cryptocurrency industry spent big in the 2024 election and is readying its wish list for Trump’s term. The Biden administration had gone after crypto giants like Coinbase and Ripple and in 2022 President Biden signed an executive order calling on government agencies to examine the risks and benefits of cryptocurrencies.
Trump once dismissed crypto as a “scam” but embraced it on the campaign trail, and was the first presidential candidate to accept digital assets. Donors could give to the Trump campaign through its joint fundraising committees using any cryptocurrency accepted through the Coinbase Commerce product.
But, earlier this year, he said he would not allow the creation of a central bank digital currency if elected, calling it a “dangerous threat to freedom.”