Donald Trump made the news this week with an unprecedented initiative: the launch of his own cryptocurrency. Called “Trump Coin”, this virtual currency saw the light of day last weekend, closely followed by the “Melania Coin”. But what is it exactly?
The “Trump Coin” and the “Melania Coin” are special cryptocurrencies, called “meme coins”. These digital tokens capitalize on the popularity of public figures or viral phenomena. Here, they display the images of Donald Trump and his wife Melania: him, his fist raised accompanied by the inscription “Fight, Fight, Fight”, and she, all smiles, her hands clasped in front of her face.
Like other cryptocurrencies, buyers can speculate on their value. They have the option to hold onto the tokens, hoping for a rise in their price, or resell them for a profit. However, unlike Bitcoin or Ethereum, these currencies are not used to make payments.
A spectacular surge for the Trump Coin
When it was launched, the Trump Coin was sold for $7 each. In a few days, its value climbed to $75, overshadowing other cryptocurrencies and propelling the token into the top 20 on the market. Currently, it has stabilized around $35. For the moment, 200 million Trump Coins have been issued, but Donald Trump plans to increase this figure to one billion within three years, thus consolidating this new source of liquidity.
For its part, the Melania Coin has not met with the same success. Launched at a price of 60 cents, its value quickly fell to 2 cents, reflecting much lower enthusiasm.
-Why launch a cryptocurrency?
For Donald Trump, the interest is multiple. These currencies first make it possible to generate new sources of income by capitalizing on its image. It is also a way of showing his support for the world of cryptocurrencies, a sector to which he had shown reluctance in the past.
For buyers, the motivation is often symbolic. Acquiring a Trump Coin can be a way to show support for the former president, like purchasing a “Make America Great Again” hat. For others, the interest is purely financial, with the hope of speculating and profiting from the fluctuations of this currency. It remains to be seen whether this cryptocurrency will be able to establish itself sustainably in a constantly evolving market.
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