Former U.S. President Donald Trump has taken a bold step into the cryptocurrency world with the launch of his meme coin, Trump$. In a surprising move, the coin’s market capitalization surged past $10 billion within 24 hours of its release, setting a remarkable precedent in the digital currency space.

The launch comes as Trump prepares to assume office as the 47th President of the United States. Backed by CIC Digital LLC, a company affiliated with the Trump Organization, the release of Trump$ adds to the list of branded ventures by Trump, which include luxury perfumes and footwear.

What is Trump$?
Meme coins are often associated with internet trends, typically lacking intrinsic value and known for their volatile nature. They rely on hype and trend cycles to drive investment interest. In simple terms, they shine as long as they remain trendy.

According to the official website, Trump$ is designed as a tribute to “a leader who never backs down, no matter how challenging the situation.” Around 200 million tokens have already been issued, with plans to release an additional 800 million over the next three years.

Rapid Growth of Trump$
CoinMarketCap.com reports that Trump$ reached a peak price of $75 per coin, settling at $59 at the time of writing. The coin’s meteoric rise has sparked widespread interest, especially as Trump promoted the token on his social media platform, Truth Social. In a post, he called it his “official meme” and urged supporters to celebrate everything the coin represents.

Mixed Reactions and Criticism
While Trump’s supporters view the launch as a step toward making America a global cryptocurrency leader, critics are less optimistic.
Some argue that the launch, timed just hours before Trump assumes the presidency, is a calculated move to capitalize on his position of power. Prominent crypto analyst Nick Tomaino criticized the venture, stating that Trump holds an 80% stake in the coin, calling it “a well-planned hype game” that could leave many investors at a loss.
Meme coins are notorious for their speculative nature, with prices often manipulated through artificial hype. Once the hype fades, these coins tend to lose value, leaving investors vulnerable.
A New Era for Crypto in the U.S.?
Despite the controversies, crypto investors are hopeful that Trump’s administration will foster growth in the digital currency sector. The previous Biden administration took a stricter stance, targeting fraudulent crypto activities and filing lawsuits against several exchanges.

However, Trump, who previously expressed skepticism about cryptocurrencies, has shifted his stance. At a Bitcoin conference in Nashville last year, he vowed to transform the U.S. into “the crypto capital of the world.” His family’s involvement in the crypto space, including ventures by his sons Eric and Donald Jr., underscores the Trump brand’s growing interest in digital assets.

As Trump$ makes waves in the crypto market, it raises critical questions about the balance between political power and financial ventures. While supporters celebrate the move, others remain cautious about the potential risks tied to this high-profile launch.

For more updates on Trump$ and other cryptocurrency developments, stay tuned to Binance News.