USATrump introduces his own meme cryptocurrency named after him
SDA
18.1.2025 - 19:18
The future US President Donald Trump was originally against cryptocurrencies. Now he has introduced his own meme cryptocurrency named after him. (symbolic image)
Keystone
The future US President Donald Trump has introduced a cryptocurrency named after him. The announcement on Saturday night triggered a stampede. This led to the total valuation rising to several billion dollars within a few hours.
Keystone-SDA
18.01.2025, 19:18
SDA
In his Truth Social network and on the online service X, Trump explained that the Trump Coins are so-called meme coins.
Meme coins are a subset of cryptocurrencies that capitalize on the enthusiasm for a personality or viral phenomenon on the internet. In contrast to traditional cryptocurrencies, meme cryptocurrencies have no specific economic or transactional use.
The Trump meme celebrates "a leader who never backs down, no matter the situation", according to the project's website, alluding to the assassination attempt on the Republican presidential candidate in July last year.
Increase to almost six billion dollars
In the hours following the launch of the Trump meme, the crypto community initially wondered whether the new currency was actually linked to Trump. Some feared fraud, as has often happened in the world of meme coins.
The fact that the announcement was published on the president-elect's official accounts quickly allayed concerns. The subsequent rush for the digital currency saw the units in circulation rise to almost six billion dollars (around 5.8 billion euros).
Trump was an opponent of cryptocurrencies
Trump was originally an opponent of cryptocurrencies, but made a radical U-turn during his recent presidential campaign and is now a strong supporter of cryptocurrencies.
Together with his three sons, Trump founded his own crypto and investment platform called World Liberty Financial in November. Tech billionaire Elon Musk, who Trump appointed as a government advisor, is also an avowed crypto enthusiast.