Is Trump launching a crypto token? Industry scrutinizes ‘Trump Coin’
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Is Donald Trump seeking to endear himself additional to the $2.5 trillion crypto trade with the launch of a brand new crypto token known as “Trump Coin”?
That’s the thrill, in line with crypto trade members, as Trump ramps up his marketing campaign for the November presidential election. Trade consultants are attempting to determine the origins of a so-called meme token registered on the Solana blockchain platform underneath the image “DJT” and the moniker “Trump Coin.”
DJT, in fact, is the inventory image of Donald Trump’s social media platform known as Reality Social. The inventory itself has been a meme inventory favourite since going public in March, with shares of DJT buying and selling as excessive as $79.38. The inventory at present trades round $35.
| Ticker | Safety | Final | Change | Change % |
|---|---|---|---|---|
| DJT | TRUMP MEDIA & TECHNOLOGY GROUP CORP | 34.72 | -2.33 | -6.29% |
TRUMP BACKS BITCOIN AS DEFENSE AGAINST FOREIGN ADVERSARIES, CENTRALIZED DIGITAL CURRENCY
Like meme shares, meme tokens are impressed by extraneous elements equivalent to web traits and popular culture references. Though among the most well-known meme cash, like Dogecoin and Shiba Inu, have been initially created as a joke, their reputation and cult-like followings have accelerated the whole meme coin market cap to a staggering $50 billion.
By launching on the Solana blockchain, Trump Coin will be a part of the ranks of different standard Solana-based meme coin initiatives like “Dogwifhat,” a token related to a meme of a canine sporting a pink knitted hat; “Jeo Boden,” a satirical cartoon of President Biden; and “Mom Iggy,” a meme coin launched final month by Australian rapper Iggy Azalea.
In line with blockchain explorer SolScan, the token started buying and selling on Solana this night with the market cap at present sitting at $73 million.
FOX Enterprise couldn’t affirm if the token is immediately or not directly affiliated with Trump, however sources within the trade say individuals affiliated with the previous president have been planning to launch a digital coin for at the least two months.
Trade consultants are attempting to determine the origins of a so-called meme token registered on the Solana blockchain platform underneath the image “DJT” and the moniker “Trump Coin,” in line with the web page created for the contract reviewed by FOX Enterprise. (Anna Moneymaker/Getty Photographs)
A spokesperson for the Trump marketing campaign did not return requests for remark. A spokesperson for Reality Social additionally did not return requires remark.
When requested for touch upon the Trump Coin launch, former GOP presidential candidate and adviser to President Trump, Vivek Ramaswamy, directed FOX Enterprise to the Trump marketing campaign however had this to say: “I’m glad President Trump and his marketing campaign are leaning into crypto, together with accepting it – he’s forward of the curve. Embracing crypto will assist Trump proceed to convey libertarians and your not-typical Republicans into the fold – it’s a profitable difficulty.”
Trump Coin is the newest of a handful of meme cash impressed by political candidates this election cycle. Different nonaffiliated Trump meme tokens are buying and selling within the crypto panorama, together with a token buying and selling underneath the image MAGA, his “Make America Nice Once more” slogan with a cartoon of Trump and an American flag within the background.
“MAGA” coin, which operates underneath the ticker TRUMP, is at present the preferred political meme coin, buying and selling at simply over $9 with a market cap of over $400 million. The worth of the token dropped on the information of the launch of Trump Coin.
One other Trump-inspired meme coin trades underneath the letters TROG; it accompanies a cartoon of a frog sporting a MAGA hat. A lot smaller compared to MAGA, it has a market cap of $7.38 million and likewise fell on the information of the Trump Coin launch.
These are representations of cryptocurrencies Bitcoin, Ethereum and Dogecoin. (Reuters/Dado Ruvic/File)
Neither MAGA nor TROG are affiliated with Trump, his varied enterprise ventures nor his 2024 presidential marketing campaign immediately. Nonetheless, in line with blockchain analysis agency Arkham Intelligence, the previous president owns a considerable variety of MAGA and TROG tokens, which he was gifted by the token creator. Trump, himself, is hardly a crypto bro, however he has tapped into the trade as a possible supply of voters because the November elections close to.
Round 52 million People have used crypto, in line with a Coinbase research, and they’re changing into more and more politically lively as they work to elect crypto-friendly politicians to congressional positions. One such candidate is John Deaton, a crypto lawyer who’s at present working as a Republican to unseat Massachusetts Democrat Sen. Elizabeth Warren, who’s prominently anti-crypto.
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Trump is value an estimated $6 billion, however in line with Arkham Intelligence, he now has a crypto portfolio value round $6 million that he accrued from varied sources, together with his personal NFT assortment and his holdings in MAGA coin and TROG coin.
The crypto vote could possibly be pivotal within the coming presidential election, some analysts say. Many trade members regard themselves as single-issue voters, which means they’ll vote solely based mostly on which candidate they suppose is essentially the most crypto-friendly, no matter their different political beliefs, trade members inform FOX Enterprise. Trump is focusing on these voters with the assistance of a few of his advisers, together with Ramaswamy, an entrepreneur and crypto fanatic who has been advising Trump on digital asset coverage.
