As of Monday afternoon, $TRUMP coin was worth around $53 per individual share.
The weekend before his presidential inauguration, Donald Trump launched a new cryptocurrency, sparking deep concerns from critics that it could be influenced by wealthy individuals or foreign powers contributing to it.
$TRUMP coin introduced on Friday during a “Crypto Ball” that Trump organized in Washington, DC On social media, Trump described the play as his “official Trump meme” that celebrated his “win” for the presidency.
The next morning, the coin was worth nearly $6 billion. As of Sunday, it was valued at more than $56 billion and, according to the report of Axiosaccounted for about 89 percent of Trump’s net worth.
The coin “enriched Trump personally,” that report said, noting that anyone in the world can contribute to the coin’s value.
The Biden administration had sought to enact strict regulations on cryptocurrencies, noting that their volatility made them easy to manipulate. But Trump has indicated that his new administration will impose fewer, if any, regulations on crypto and will likely allow his coin to remain active even though he is president of the United States.
Indeed, $TRUMP coin has already fluctuated quite a bit: at one point, a single share of the coin was valued at over $72, but as of Monday morning, that value had declined to about two-thirds of that amount, at around $53. dollars. per share.
Shortly after his coin was released, a coin named after his wife, Melania Trump, was also issued. The $MELANIA coin will also undoubtedly raise billions of dollars and thus enrich the new president and his family.
Critics have been quick to point out that Trump Coins are a way to create corrupting influence over the new president, as anyone can contribute any amount into them, thereby increasing Trump’s net worth. Trump, who infamously, he refused to divest himself of his assets during his first term (and who is now making a similar move as he begins his second term in the White House), could make important decisions based on significant contributions to the piece, with no oversight preventing him, unless ‘be dismissed.
“A huge scandal is happening. …(Trump is) now a multi-billionaire thanks to this scam, opening a portal to untraceable gains from private and foreign actors,” civil rights activist Nadine Smith noted in a Bluesky article.
“Trump’s cryptocurrency project is probably the most significant act of corruption that a president has ever undertaken,” wrote Will Stancil, a commentator and attorney at the Institute on Metropolitan Opportunity. “It’s literally, ‘You can pay me, the president of the United States, billions of dollars,’ and that’s exactly what people did.”
“Trump’s Washington hotel was a convenient way for foreign and domestic lobbyists to put money directly into his pocket,” HuffPost White House correspondent SV Dáte reminded people in a post published on. “This crypto thing is next level. Anyone on the planet can put money straight into their pocket.
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