On Friday night, just days before his inauguration, President-elect Donald Trump took to X to celebrate…the launch of his new meme coin. “It’s time to celebrate everything we stand for,” he wrote, “WINNING!” It’s a move that, at least on paper, seemed to inflate Trump’s personal wealth by billions ahead of ushering in the most crypto-friendly administration in history.
With this launch, Trump joins the ranks of celebrities like Iggy Azalea, Caitlyn Jenner, and more recently, Haliey Welch, better known as the “Hawk Tuah” girl, all of whom have launched their own meme coins in the last year. Wired describes these currencies as “type of cryptocurrency that generally has no utility beyond financial speculation.”
Trump’s coin has recently reached a market capitalization of $5.2 billion and a fully diluted valuation of $26 billion, referring to the theoretical value if all possible coins were in circulation. Trump’s new pal Elon Musk is known for being a big proponent of one of the most famous meme coins, the dogecoin, named for the same meme that inspired his newly created Department of Government Efficiency.
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