Donald Trump appears to have launched a meme coin

A picture of Donald Trump in black and white, wearing a ball cap and jacket with a colorful blue, yellow, and green background with large swirly lines.
Image: Laura Normand / The Verge

Donald Trump has launched a new meme coin, according to posts from his X and Truth Social accounts last night. The posts, which have come just days before Trump’s inauguration, were initially met with suspicion by many that his accounts had been hacked.

Skeptics highlighted by Decrypt last night pointed to several red flags, such as that the millions of dollars seeding the project came from Binance and Gate, which only serve overseas customers. The coin’s website credits the project to the same group behind Trump’s NFTs, as noted by Cointelegraph, which reports that sources close to Trump’s family confirmed the announcements’ legitimacy.

Both posts remain up as of this morning.

Screenshot of Trump’s announcement on X.
Screenshot: X
Trump’s official X account announced a new meme coin on Friday.

The idea that Trump would debut a meme coin is no big surprise, given his multiple NFT collections and his introduction of a crypto platform last year. He has made cryptocurrency a big part of his new agenda and has assembled a crypto and AI-focused tech policy team led by “crypto czar” David Sacks. Trump also plans to issue an executive order naming crypto a “national imperative or priority” after he’s inaugurated next week, Bloomberg reported ahead of the weekend.

Summary

Donald Trump appears to have launched a new meme coin, as announced on his X and Truth Social accounts. Initially met with suspicion, the legitimacy of the announcement was confirmed by sources close to Trump’s family. The project is linked to the same group behind Trump’s NFTs. Trump’s interest in cryptocurrency is not surprising given his previous involvement with NFT collections and a crypto platform. He has assembled a tech policy team focused on crypto and AI, and plans to issue an executive order regarding cryptocurrency after his inauguration.

This article was summarized using ChatGPT

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