Trump Launches $30 Billion Cryptocurrency Before Inauguration

Just before his inauguration, President-elect Donald Trump launched a meme coin named $TRUMP, which saw its market capitalization soar to approximately $6 billion within hours. The token experienced a staggering 4,000% increase shortly after its release, prompting enthusiasm among investors despite initial skepticism regarding its legitimacy. Critics have raised ethical concerns, suggesting that the coin could allow for undue influence on the president due to its pseudonymous nature, with potential financial ties to foreign exchanges like Gate and Binance, which have faced legal scrutiny in the U.S. The coin's official website claims it is not related to any political campaign, yet it is marketed as a tribute to Trump's persona and leadership. Additionally, only 20% of the total supply is currently available, with the remaining 800 million coins scheduled for release over the next three years, potentially inflating Trump's wealth substantially. The launch coincided with a high-profile crypto event in Washington, D.C., attended by various financial executives and celebrities, further blurring the lines between politics and cryptocurrency.