Trump’s ‘$TRUMP’ coin surges by 18,000%. January. 20, 2025 08:18. by Woo-Sun Lim [email protected].
U.S. President-elect Donald Trump, known for his crypto-friendly stance, has sparked controversy just three days before his inauguration by directly issuing a meme coin named after himself, “$TRUMP.” The coin’s market value has skyrocketed due to enthusiastic responses from investors, but revelations that 80% of the coin is held by Trump’s team have raised concerns over conflicts of interest and ethical issues.
According to the Wall Street Journal on Saturday, Trump announced via his Truth Social account at 9 p.m. the previous day, saying, “My new official Trump meme is here. Get $TRUMP now,” and included a purchase link for the coin. Fox Business reported, “In less than 24 hours, $TRUMP’s value rose from just a few cents to $33.87, representing a staggering price gain of over 18,000%.” As a result, it has now ranked among the world’s top 30 cryptocurrencies by market capitalization.
The New York Times criticized the move, saying, “The venture is the latest in a series of moves by Mr. Trump that blur the line between his government role and the continued effort by his family to profit from his power and global fame” and asserted, “it is yet another sign that the Trump family will be much less hesitant in this second term to bend or breach traditional ethical boundaries.” The Wall Street Journal noted that even some in the cryptocurrency industry were quick to criticize the new token but also warned that foreign governments or corporations seeking to influence Washington may be tempted to buy tokens to curry favor with Trump.
