Trump Coin: Is Donald Trump launching a new crypto token to endear himself to the $2.5 trillion crypto industry?

That's the buzz, according to crypto industry participants, as Trump ramps up his campaign for the November presidential election.

Former President Donald Trump is launching his own cryptocurrency ahead of his 2024 presidential campaign, according to several crypto industry participants.

A so-called meme token has been registered on the Solana blockchain platform under the symbol "DJT," and moniker "Trump Coin," according to the page created for the contract reviewed by FOX Business. The token began trading on Solana this evening with the market cap currently at $73 million, according to blockchain explorer SolScan.

Sources in the industry have told FOX Business that people affiliated with the former president have been planning to launch a digital coin for at least two months.

A spokesman for the Trump campaign didn't return requests for comment. A spokesperson for Truth Social also didn't return calls for comment.

When asked for comment on the Trump Coin launch, former GOP presidential candidate and advisor to President Trump, Vivek Ramaswamy, directed FOX Business to the Trump campaign but had this to say:

"I’m glad President Trump and his campaign are leaning into crypto, including accepting it – he’s ahead of the curve. Embracing crypto will help Trump continue to bring libertarians and your not-typical Republicans into the fold – it’s a winning issue."

Trump Coin is the latest of a handful of meme coins inspired by political candidates this election cycle. Other non-affiliated Trump meme tokens are trading in the crypto landscape including a token trading under the symbol MAGA, his "Make America Great Again" slogan with a cartoon of Trump and an American flag in the background.

"MAGA" coin, which operates under the ticker TRUMP, is currently the most popular political meme coin trading at just over $9 with a market cap of over $400 million. The price of the token dropped on the news of the launch of Trump Coin.

Another Trump-inspired meme coin trades under the letters TROG; it accompanies a cartoon of a frog with a MAGA hat on. Much smaller in comparison to MAGA, it has a market cap of $7.38 million and also fell on the news of the Trump Coin launch.

Neither MAGA nor TROG are affiliated with Trump, his various business ventures or his 2024 presidential campaign directly, although according to blockchain research firm Arkham Ventures, the former president owns a substantial number of MAGA and TROG tokens, which he was gifted by the token creator

Trump, himself, is hardly a crypto bro but he has tapped into the industry as a potential source of voters as the November elections near. Around s52 million Americans have used crypto, according to a Coinbase study, and they are becoming increasingly politically active as they work to elect crypto-friendly politicians to congressional positions. One such candidate is John Deaton, a crypto lawyer who’s currently running as a Republican to unseat Massachusetts Democratic Sen. Elizabeth Warren who is notably anti-crypto.

Trump is reportedly worth an estimated $6 billion, but, according to Arkham Ventures, he now has a crypto portfolio worth around $6 million that he's攢ed from various sources, including his own NFT collection and his holdings in MAGA coin and TROG coin.

The crypto vote could be pivotal in the coming presidential election, some analysts say. Many industry participants regard themselves as single-issue voters, meaning they will vote solely based on which candidate they think is the most crypto-friendly, regardless of their other political views, industry participants tell FOX Business. Trump is targeting those voters with the help of some of his advisers, including Ramaswamy, an entrepreneur and crypto enthusiast who has been advising Trump on digital asset policy.

News source：https://www.kdj.com/cryptocurrencies-news/articles/trump-coin-donald-trump-launching-crypto-token-endear-trillion-crypto-industry.html

The above is the detailed content of Trump Coin: Is Donald Trump launching a new crypto token to endear himself to the $2.5 trillion crypto industry?. For more information, please follow other related articles on the PHP Chinese website!