Drama As Trump Ventures Into Cryptocurrency, Launches Coin

By: The New Diplomat

Cat:

January 18, 2025

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Shocks US Federal Reserve

By Abiola Olawale

United States President-elect Donald Trump has ventured into the cryptocurrency space.

This is as Trump launched his meme coin named ‘$TRUMP’ on the Solana blockchain.

The incoming US President made this announcement on his official X handle.

Trump tweeted: “My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR $TRUMP NOW. Go to gettrumpmemes.com — Have Fun!”

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Following the announcement, the coin has seen a dramatic increase in market cap, reaching $6.8 billion within hours of its launch.

The development comes after Trump, during campaigns proposed creating a “Bitcoin and crypto presidential advisory council” and has expressed intentions to block the Federal Reserve from issuing its digital currency (CBDC).

His administration’s approach is seen as potentially more crypto-friendly, which could lead to more favorable regulations for the industry.

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