The newly launched Trump family crypto tokens have led to a significant surge in the wealth of incoming US President Donald Trump, making him one of the richest people in the world, according to a New York Times report.
Trump had a net worth of around $6.7 billion before the crypto coins started trading. Most of his wealth came from Trump Media and Technology Group.
According to the CoinGecko, on paper, the Trump tokens in the market had a total trading value of nearly $13 billion before $MELANIA launched and was till that time the 19th most valuable form of crypto in the world.
For who owns the coins, Trump affiliates appear to control 800 million tokens besides the 200 million already release and this can unlock potential for as much as $51 billion, the CoinGecko report added.
This meme coin is a Solana-based cryptocurrency that made a stellar debut on the crypto market and skyrocketed over 300 per cent on the first day, crossing the market capitalisation of $6 billion.
According to the official website, the $TRUMP meme coin marks the celebrations of Trump's White House comeback as the leader eyes the inauguration ceremony on January 20.
The website also mentioned that the Trump meme coins aimed to symbolise as an expression of support for the upcoming Trump administration. People have raised their doubts about the legitimacy of the crypto coin, but the official website and Trump himself have backed the coin as the “Official Trump Meme, by President Donald J. Trump.”
While fans and crypto enthusiasts have hailed the “business savvy” of Donald Trump and his family with the crypto decisions, critics have called into question the ethics, and even conflict of interest arising from the assets.
Trump has promised to usher in crypto-friendly regulations and has a host of pro-crypto names nominated for place in his administration.
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