Trump flips a coin, $TRump, days before returning to the White House

United States President-elect Donald Trump launched his own cryptocurrency, whose market capitalization quickly soared to several billion dollars.

The release of the meme coin, $Trump, comes as he prepares to take office on Monday as the 47th president of the United States.

The venture was coordinated by CIC Digital LLC – a subsidiary of the Trump Organization – which previously sold Trump-branded shoes and perfume.

Meme coins are used to boost the popularity of a viral trend or movement on the Internet, but they lack intrinsic value and are extremely volatile investments.

By Saturday afternoon, hours after its launch, $Trump’s market capitalization reached nearly $5.5 billion (£4.5 billion), according to CoinMarketCap.com.

CIC Digital LLC and Fight Fight Fight LLC, a company formed in Delaware earlier this month, own 80% of the tokens. It’s unclear how much money Trump could make from this venture.

“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 announcing the meme piece Friday evening.

Some 200 million digital tokens have been issued and another 800 million will be issued over the next three years, the coin’s website says.

“This Trump Meme celebrates a leader who does not back down, no matter the odds,” the website says.

It included a disclaimer that the piece “is not intended to be, nor is it the subject of” an investment opportunity or security and that it was “not political and has not “nothing to do with” a political campaign, a political office or a government agency.

Critics have accused Trump of profiting from the presidency.

“Trump owning 80% and timing the launch hours before the inauguration is predatory and many will likely suffer,” Nick Tomaino, a cryptocurrency venture capitalist, said in a social media post.

These digital tokens are notorious for speculators using hype to increase the value before selling at the top of the market, leaving laggards counting their losses as prices collapse.

Cryptocurrency investors are hoping the Trump administration will boost the sector.

President Joe Biden’s regulators have raised concerns about fraud and money laundering as they crack down on crypto companies suing exchanges.

Trump was previously nervous about cryptocurrencies, but at a Bitcoin conference in Nashville last year, he said America would be “the crypto capital of the planet” once he returned to Washington.

His sons Erik and Donald Jr announced their own crypto company last year.