US President-elect Donald Trump has launched his own cryptocurrency, which quickly soared in market capitalisation to several billion dollars. His release of the meme coin, $Trump, comes as he prepares to take office on Monday as 47th president of the US. The venture was co-ordinated by CIC Digital LLC - an affiliate of the Trump Organization - which has previously sold Trump-branded shoes and fragrances. Meme coins are used to build popularity for a viral internet trend or movement, but they lack intrinsic value and are extremely volatile investments. By Saturday afternoon, hours after its launch, the market capitalisation for $Trump reached nearly $5.5bn (£4.5bn), according to CoinMarketCap.com.
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US President-elect Donald Trump has launched his own cryptocurrency, which quickly soared in market capitalisation to several billion dollars. His release of the meme coin, $Trump, comes as he prepares to take office on Monday as 47th president of the US. The venture was co-ordinated by CIC Digital LLC - an affiliate of the Trump Organization - which has previously sold Trump-branded shoes and fragrances. Meme coins are used to build popularity for a viral internet trend or movement, but they lack intrinsic value and are extremely volatile investments. By Saturday afternoon, hours after its launch, the market capitalisation for $Trump reached nearly $5.5bn (£4.5bn), according to CoinMarketCap.com.
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Positive fundamental developments in the UK and the US seem to have boosted the prices of the three top cryptocurrencies: Bitcoin, Ether, and XRP. The three tokens have rebounded in the daily and weekly charts, with XRP leading the resurgence. In the UK, a new Economic secretary has been appointed to oversee digital assets, while in the US, plans are underway to refund thousands of Bitcoins stolen in the 2016 crypto hack on Bitfinex.
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