Donald Trump launches own cryptocurrency, price soars

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US President-elect Donald Trump has introduced his own cryptocurrency, $Trump, ahead of his return to the White House.

Hours after its inception, the meme coin’s market capitalization shot up to several billion dollars, according to the BBC.

This comes as the president-elect is ready to take the oath of office as the 47th president of the United States on Monday, January 20.

According to reports, the project was organized by CIC Digital LLC, a division of the Trump Organization that had distributed Trump-branded fragrances and footwear throughout the United States.

CoinMarketCap.com reports that as of Saturday afternoon, just hours after the introduction, the market capitalization for $Trump was close to $5.5 billion, or £4.5 billion.

Eighty percent of the tokens are owned by CIC Digital LLC and Fight Fight Fight LLC, a Delaware-based business that was established earlier this month. The amount of money Trump could earn from the deal is unknown.

“My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING!” Trump wrote on his social media platform Truth Social as he announced the meme coin on Friday night.

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