Trump launches cryptocurrency with price rocketing
US President-elect Donald Trump has launched his own cryptocurrency, which quickly soared in market capitalisation to several billion dollars.
The venture was co-ordinated by CIC Digital LLC - an affiliate of the Trump Organization - which has previously sold Trump-branded shoes and fragrances.
Meme coins are used to build popularity for a viral internet trend or movement, but they lack intrinsic value and are extremely volatile investments.
By Saturday afternoon, hours after its launch, the market capitalisation for $Trump reached nearly $5.5bn (£4.5bn), according to CoinMarketCap.com.
CIC Digital LLC and Fight Fight Fight LLC, a company formed in Delaware earlier this month, own 80% of the tokens. It is unclear how much money Trump might make from the venture.
"My NEW Official Trump Meme is HERE! It's time to celebrate everything we stand for: WINNING!" Trump wrote on his social media platform Truth Social as he announced the meme coin on Friday night.
