Trump’s currency sparks controversy and places him among richest billionaires

The announcement of former US President Donald Trump to launch a new cryptocurrency called “TRUMP” (TRUMP-OFFICIAL-USD) has sparked widespread controversy in the world of digital currencies. Since the launch of the currency, his wealth has seen an unexpected jump. His wealth has increased by about $60 billion in a few days. Thus, his wealth has increased by 750%, placing him among the 25 largest billionaires in the world. Before the launch of the currency, Trump was ranked 472nd globally.

Trump’s digital currency performance: Unprecedented rise

Trump’s digital currency has seen a remarkable rise of 10.60% in just 24 hours. It also recorded a weekly increase of 548%. Within days, the value of the currency rose to $42.09. Thus, the market value of the currency has reached more than $15 billion

Trump’s support for digital currencies

Trump has embraced the digital currency sector heavily during his presidential campaign. According to previous reports, he was expected to issue an executive order to make the United States the world’s cryptocurrency capital. However, no action has been taken so far.

Before the inauguration, Trump and his wife Melania launched meme coins. These coins are known for their extreme volatility and questionable value. According to CoinMarketCap data, the value of these coins quickly rose to more than $15 billion. However, they lost half of their value by the day of the inauguration.

Criticism of Trump’s digital currency

The Trump-linked coins have raised concerns and criticism. Many leaders in the cryptocurrency industry have described them as a mixture of greed, “Make America Great Again” culture, and “pump and dump” strategies. Investor Ari Paul called the operation a “multi-billion dollar scam.” Trump’s former business partner, Anthony Scaramucci, likened the situation to “corruption on the level of dictatorships.”

Cryptocurrency Volatility: A Real Risk to the Market

The cryptocurrency market has been booming in recent years, but concerns about wild volatility in its value have grown. For example, the squirrel-inspired coin PNUT soared to $1 billion last year before crashing. Terra’s collapse in 2022 caused a massive $40 billion loss, and Bitcoin has lost 67% of its value in a single year.

Trump’s approach to crypto: A long-term risk

While many elites have the best interests of ordinary investors in mind, Trump’s history of selling non-fungible tokens (NFTs) shows his different priorities. His support for the idea of ​​the government holding Bitcoin also raises concerns about taxpayer money and unsecured assets. Despite Trump’s promises to provide favorable regulations for cryptocurrencies, markets are still reeling from previous collapses.

Financial system risks: Growing threats

While Bitcoin investors are making gains, the fragility of the financial system remains a concern. According to economist Barry Eichengreen, reckless government policies could jeopardize the dollar’s ​​standing. The idea of ​​a Trump-linked meme cryptocurrency could turn into a fuse for a larger crisis if the situation is not addressed quickly.

What is Trump’s cryptocurrency?

The “Trump” cryptocurrency was launched by CIC Digital, a subsidiary of the Trump Organization. The coin is being promoted with the slogan “Join the Trump community. This is history in the making!”

CIC Digital reportedly controls 80% of the coin’s supply. They have plans to issue new tokens over the next three years, further strengthening their control over the market.

Crypto Vision in the US

Trump’s embrace of digital currency is in line with his stated goal of making the United States a global leader in digital finance. During his campaign, Trump promised to turn the country into the “cryptocurrency capital of the world,” a message that resonated with those in the tech and finance sectors.

Market Reaction to Trump’s Election

Following Trump’s election, the cryptocurrency market’s reaction was unconventional. Bitcoin’s value surged, surpassing $100,000 in the weeks following Trump’s victory. The global cryptocurrency market added $1.8 trillion in value in 2024. Of that amount, an additional $1 trillion was made just the day after the election. This massive market rally reflects growing confidence in the digital economy under Trump’s leadership.

The Future of Trump Coin

As Trump enters his second term, the Trump Coin has become a symbol of his unconventional approach to leadership. The coin embodies his willingness to creatively exploit emerging trends such as cryptocurrencies. While the future of the coin remains uncertain, its launch has reshaped the narrative around the relationship between politics and cryptocurrencies, reflecting Trump’s ability to use this financial instrument to great effect.

It remains unclear whether the coin will continue to maintain its momentum or whether it will gradually fade. However, what can’t be ignored is that Trump’s distinctive, often controversial personality continues to play a pivotal role in reshaping the political and economic landscape.

Trump Coin Volatility: Rapid Rise and Fall

Since its launch on January 17, the Trump Coin has seen wild volatility. After its market cap soared to over $12 billion, the coin experienced a sudden drop. Initially, the coin was priced at $73.43 on January 19, but its value fell to around $38 a few days later.

Melania Trump Follows the Same

It’s not just Donald Trump. First Lady Melania Trump launched her own meme coin ahead of Inauguration Day. The coin attracted around 500,000 users within hours, according to DEX Screener. However, analysts have raised concerns about the coin, noting that 90% of the coin’s supply is concentrated in a single wallet, raising doubts about its integrity.