Former President Donald Trump has launched a new meme coin called $TRUMP, causing excitement and skepticism in the crypto community. The coin's launch initially raised concerns as it resembled previous celebrity meme coin scams, but with Trump's own social media accounts promoting it, doubts diminished. On-chain sleuths identified potential red flags, such as the funds being seeded from non-U.S. exchanges, but further investigation cleared some concerns. The coin's website is similar to Trump's past NFT collections and is credited to CIC Digital, his official licensee. Meme coin traders have been buying the coin, pushing the price to $7.31, with a market cap of around $1.5 billion, considering the locked supply. Trump's support for cryptocurrency is not new, as he previously launched NFT collections and endorsed a decentralized finance platform called World Liberty Financial. He is expected to issue an executive order regarding cryptocurrency on his first day, which could impact the American crypto industry.



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