In a surprising twist, Donald Trump and his family saw their wealth skyrocket by $7.18 billion overnight thanks to the launch of the $TRUMP meme coin. Crypto enthusiasts praised the move, while watchdogs raised concerns about potential conflicts of interest.
The buzz began when Trump’s official social media accounts shared information about the new meme coin without any explanation. Initially thought to be a hack, the announcement gained credibility as it linked back to Trump’s known businesses. By January 19, the coin’s value surged to $36 per token, with a market capitalization reported at $7.18 billion.
Eric Trump confirmed the development on social media, expressing pride in their crypto accomplishments. He described the $TRUMP coin as the “hottest digital meme on earth” and predicted it would transform the world of finance.
Launched in September 2024, the World Liberty Financial platform aims to capitalize on the decentralized finance (DeFi) sector, where users trade digital assets directly with each other. Since its launch, the $TRUMP coin has skyrocketed by over 1,000 percent.
The potential for Trump’s wealth is even more staggering. Reports suggest that combined with coins not yet released, the value could reach $24 billion by 2028. However, the specifics of the initial profits remain unclear. The official website stated that 200 million meme coins were issued, with an additional 800 million planned over the next three years.
Despite the excitement, experts caution that meme coins like $TRUMP often lack real economic value. They are primarily designed to capitalize on popular figures and trends. Critics argue that Trump’s involvement raises ethical concerns. Danielle Brian, the executive director of the Project on Government Oversight, noted that this venture undermines any efforts to mitigate conflicts of interest.
Trump’s financial landscape is complex. He holds a $3.76 billion stake in Trump Media & Technology Group, which runs Truth Social, along with various real estate investments. His family business operates numerous hotels, golf courses, and other properties.
As Trump prepares for his second term, critics are closely watching his financial dealings. With appointments to key economic positions, including supporters of cryptocurrency, the implications for regulatory reform in this space are significant. The crypto world is on high alert as Trump’s latest move unfolds, raising questions about ethics and the future of digital finance under his leadership.
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