- 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!”
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.
