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Donald Trump’s Cryptocurrency Adventure
A good day to you! In an unsurprising yet intriguing move, President-elect Donald Trump has ventured into the world of cryptocurrencies. The man has launched his very own meme coin, aptly named $TRUMP. As is typical with anything bearing the Trump brand, it has already managed to make headlines around the globe.
Valuation of the $TRUMP Meme Coin
As of Sunday, $TRUMP boasted an estimated $70 billion valuation, primarily held by Trump and his businesses. The coin’s valuation seemed to be swaying somewhere in the ballpark of a whopping $69.8 billion when fully diluted. Now, to put this in perspective, this amount could buy you a bevvy of Beluga caviar and then some!
The price of $TRUMP peaked at just over $75 early Sunday, eventually settling a smidge below $70, according to CoinMarketCap.com.
The Official Trump-Endorsed Coin
Trump himself took to social media to announce the $TRUMP as his "Official Trump Meme" coin. There are indeed other Trump-branded coins floating about, but none have been graced with his official endorsement.
Moreover, the $TRUMP website reveals that 80% of the coin is in the hands of Trump Organization affiliate CIC Digital and a CIC co-owned entity dubbed Fight Fight Fight.
Trump and His Pro-Crypto Stance
Anticipation is in the air as Trump’s eagerly awaited inauguration approaches, slated for Monday. Nearly everyone is wondering if Trump shall indeed issue executive orders on Bitcoin and the broader crypto industry right off the bat, adopting a less restrictive regulatory stance. During his campaign, he even toyed with the notion of a Bitcoin strategic reserve. Talk about being ahead of the curve!
Amidst this backdrop, Bitcoin traded just shy of $105,000 over the weekend, flirting with its historical highs, all thanks to the buzz around Trump’s potential executive actions.
$TRUMP or DJT Stocks: Which is the Sentiment Indicator?
Investors, take note! Trump’s media enterprise, known as Trump Media & Technology Group (DJT), has seen its shares mirror sentiments towards Trump both during his campaign and post-election. Presently, Trump Media ranks in at an $8.68 billion market cap, despite incurring heavy losses and having little revenue.
The pressing question remains—will the $TRUMP meme coin dethrone DJT stock as the go-to Trump sentiment indicator?
What’s Next for Investors?
Your queries don’t end here, do they? For those with keen interest in market movements, might I recommend following Ed Carson on Threads and X/Twitter for timely updates.
Here’s a collection of resources for the astute investor:
- Why This IBD Tool Simplifies The Search For Top Stocks
- Best Growth Stocks To Buy And Watch
- IBD Digital: Unlock IBD’s Premium Stock Lists, Tools And Analysis Today
- How To Invest: Rules For When To Buy And Sell Stocks In Bull And Bear Markets
- Futures: $TRUMP Meme Coin Soars, TikTok Restoring Service
And there you have it, dear readers—Trump continues to leave an indelible mark across realms, whether political, social, or financial. The cryptosphere shall certainly never be the same! Cheerio!