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Is Trump Launching a Crypto Token? Industry Scrutinizes ‘Trump Coin’
Is Donald Trump looking to further endear himself to the $2.5 trillion cryptocurrency industry with the launch of a new crypto token called “Trump Coin”?
That’s the news, according to cryptocurrency industry players, as Trump ramps up his campaign for November’s presidential election. Industry experts are trying to understand the origins of a so-called meme token registered on the Solana blockchain platform under the symbol “DJT” and the nickname “Trump Coin.”
DJT, of course, is the stock symbol for Donald Trump’s social media platform called Truth Social. The stock itself has been a meme favorite since it went public in March, with shares of DJT trading as high as $79.38. The stock is currently trading at around $35.
TRUMP SUPPORTS BITCOIN AS A DEFENSE AGAINST FOREIGN ADVERSARIES, CENTRALIZED DIGITAL CURRENCY
Like meme stocks, meme tokens are inspired by extraneous factors such as Internet trends and pop culture references. Although some of the most famous meme coins, such as Dogecoin and Shiba Inu, were originally created as a joke, their popularity and cult following have accelerated the total market capitalization of meme coins to a staggering $50 billion .
By launching on the Solana blockchain, Trump Coin will join the ranks of other popular Solana-based meme coin projects such as “Dogwifhat,” a token associated with the meme of a dog wearing a pink knitted hat; “Jeo Boden,” a satirical cartoon of President Biden; and “Mother Iggy,” a meme coin launched last month by Australian rapper Iggy Azalea.
According to blockchain explorer SolScan, the token began trading on Solana this evening with a market capitalization currently at $73 million.
FOX Business could not confirm whether the token is directly or indirectly affiliated with Trump, but industry sources say people affiliated with the former president have been planning to launch a digital currency for at least two months.
A spokesperson for the Trump campaign did not respond to requests for comment. A spokesperson for Truth Social also did not respond to requests for comment.
When asked for comment on the Trump Coin launch, former Republican presidential candidate and advisor to President Trump, Vivek Ramaswamy, directed FOX Business to the Trump campaign, but had this to say: “I’m happy that President Trump and his campaign are moving towards cryptocurrencies.” , including acceptance: is ahead. Embracing cryptocurrencies will help Trump continue to bring libertarians and atypical Republicans into the fold – it’s a win-win issue.”
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Trump Coin is the latest in a handful of meme coins inspired by political candidates this election cycle. Other unaffiliated Trump meme tokens are being traded across the crypto landscape, including a token traded with the MAGA symbol, his “Make America Great Again” slogan with a Trump cartoon and an American flag in the background.
The “MAGA” coin, which trades under the ticker TRUMP, is currently the most popular political meme coin, trading at just over $9 with a market capitalization of over $400 million. The price of the token plummeted on news of the launch of Trump Coin.
Another Trump-inspired meme coin trades with the letters TROG; accompanies a cartoon of a frog wearing a MAGA hat. Much smaller than MAGA, it has a market capitalization of $7.38 million and also fell on news of the launch of Trump Coin.
Neither MAGA nor TROG are directly affiliated with Trump, his various business ventures, or his 2024 presidential campaign. However, according to blockchain research firm Arkham Intelligence, the former president owns a substantial number of MAGA and TROG tokens, giving him it was given as a gift by the token’s creator. Trump himself is hardly a crypto bro, but he has tapped the sector as a potential source of voters as the November election approaches.
According to a Coinbase study, approximately 52 million Americans have used cryptocurrencies and are becoming increasingly politically active as they work to elect cryptocurrency-friendly politicians to congressional positions. One such candidate is John Deaton, a cryptocurrency lawyer who is currently running as a Republican to unseat Democratic Massachusetts Senator Elizabeth Warren, who is staunchly anti-cryptocurrency.
Trump is worth around $6 billion, but according to Arkham Intelligence, he now has a cryptocurrency portfolio worth around $6 million that he has amassed from various sources, including his NFT collection and his holdings of MAGA coins and TROG coins.
Voting on cryptocurrencies could be crucial in the next presidential election, some analysts say. Many industry participants consider themselves single-issue voters, meaning they will vote solely based on the candidate they believe is the most pro-cryptocurrency, regardless of their other political opinions, industry participants tell FOX Business. Trump is targeting those voters with the help of some of his advisers, including Ramaswamy, an entrepreneur and cryptocurrency enthusiast who has advised Trump on digital asset policy.
Original article source: Is Trump Launching a Crypto Token? Industry Scrutinizes ‘Trump Coin’