Trump crypto token surges in 2 days, becoming one of world’s most valuable digital currencies
On 17 Jan local time, US President-elect Donald Trump launched a new crypto token, $Trump.
Trump announced the $Trump launch on his social media platform X, with the caption:
My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING!
In just two days, the new crypto token has surged, becoming one of the world’s most valuable forms of digital currency.
On paper, $Trump has a total trading value of almost US$13 billion, reports The Straits Times.
Moreover, in just two days, around US$29 billion (S$39 billion) worth of trades had taken place for the crypto token.
While this creates the potential for a multibillion-dollar payout to the Trump family, it also raises questions regarding conflicts of interest.
Source: @trump_aionsol on X
Trump crypto token raises ethical concerns
According to The Washington Post, Trump’s new project is called a meme coin.
A meme coin is a highly volatile token tied to an online trend or personality that people can buy and sell.
In Trump’s case, it is an image of him pumping his fist, inspired by the July 2024 assassination attempt on his life.
According to the official website, over 1 billion $Trump tokens are set to be released over the next three years. Currently, over 200 million $Trump tokens are available.
“Join the Trump Community. This is History in the Making!” the official website said.
Conflict of interest raises ethical concerns
Trump’s commingling of government and business is raising big ethical concerns.
According to The Straits Times, the launch was immediately condemned by ethics lawyers, with many calling it an explicit profiteering effort by an incoming president.
On 19 Jan local time, Trump’s First Lady, Melania Trump, promoted a second similar crypto token called $Melania.
Also read: 20 year-old US-based S’porean charged in S$300M crypto scam, splurged on luxury cars & nightclubs
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Featured image adapted from @realDonaldTrump on X and Trump Meme on gettrumpmemes
