United States President-elect, Donald Trump has launched his own cryptocurrency, $Trump, which quickly surged in market capitalization to several billion dollars.
The release of the meme coin comes just as he prepares to take office on Monday as the 47th president of the US.
The venture was coordinated by CIC Digital LLC, an affiliate of the Trump Organization, which has previously sold Trump-branded shoes and fragrances, according to BBC News.
Meme coins are typically created to promote a viral internet trend or movement, but they lack intrinsic value and are highly volatile investments.
By Saturday afternoon, just hours after its launch, the market capitalization of $Trump had 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 remains unclear how much money Trump could make from the 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 as he announced the meme coin on Friday night.
According to the coin’s website, approximately 200 million digital tokens have been issued, with another 800 million set to be released over the next three years.
“This Trump Meme celebrates a leader who doesn’t back down, no matter the odds,” the website said.
It included a disclaimer stating that the coin is “not intended to be, or the subject of,” an investment opportunity or security, and is “not political and has nothing to do with” any political campaign, office, or government agency.
Critics, however, accused Trump of exploiting the presidency for financial gain.
