In an unprecedented move just days before his inauguration, President-elect Donald Trump has launched a cryptocurrency token that has seen dramatic price swings, raising both excitement and concerns across the crypto community.
The new "Trump meme coin" was announced by Trump on social media Friday, featuring his image with a raised fist and the slogan "FIGHT FIGHT FIGHT." Initially priced at $10, the token surged to approximately $70 by Sunday morning before experiencing a sharp decline following the announcement of a separate "Melania coin."
The token launch, organized by CIC Digital, an affiliate of the Trump Organization, includes an initial availability of 200 million coins, with plans to release 1 billion over three years. According to the token's website, CIC Digital and another company collectively control 80% of the coins and will receive trading revenue.
While the website markets the tokens as expressions of support rather than investment vehicles, the launch has sparked mixed reactions. Some crypto advocates view it as a positive signal of Trump's pro-cryptocurrency stance, following his promises of industry-friendly regulations and appointments of crypto-positive officials to key positions.
However, critics, including former Trump White House communications director Anthony Scaramucci, raised concerns about potential conflicts of interest. "Now anyone in world can essentially deposit money into bank account of President of USA with a couple clicks," Scaramucci posted on X.
This is not Trump's first venture into digital assets. He previously reported earnings between $100,000 and $1 million from NFT trading cards featuring cartoon-like images of himself in various roles, including as an astronaut and superhero.
The Trump Organization has released an ethics agreement limiting Trump's involvement in day-to-day business decisions during his presidency, though questions remain about potential conflicts arising from such crypto ventures as he prepares to take office.