Days before returning to the White House, President Trump and First Lady Melania Trump each launched their own cryptocurrency coin. Trump stated that the coin celebrates “winning.” This move was unprecedented for a U.S. president and generated mixed reactions in the crypto industry. Some were happy, seeing it as a sign of the president’s belief in the industry, while others, particularly serious crypto executives and investors, were disheartened as it could perpetuate the perception of crypto as speculation and trading frenzy.
Trump has expressed a desire to turn the U.S. into the cryptocurrency capital of the world, but the value of the Trump coin is primarily based on the president’s brand and celebrity status. Meme coins like this one are not meant to have any real value and are created for internet culture and laughs. The money raised from the sale of the coin flows into the Trump organization, which owns 80% of the token supply. The president has not commented in detail on the launch of the coin, but it quickly generated millions in market cap. The long-term implications of meme coins like this remain uncertain.