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President Donald Trump recently introduced a cryptocurrency meme coin named $TRUMP, hosted on the Solana blockchain. The initial coin offering (ICO) released 200 million tokens to the public, while two Trump-owned entities, CIC Digital LLC and Fight Fight Fight LLC, retain the remaining 800 million tokens.
Following its launch, $TRUMP's value surged dramatically, reaching a peak of $75.35 per token and achieving a market capitalization of approximately $7.8 billion. However, the introduction of a similar token by First Lady Melania Trump, $MELANIA, led to a decline in $TRUMP's value due to overlapping demand.
The launch of these tokens has sparked concerns regarding potential conflicts of interest and ethical implications, as President Trump profits from token sales while influencing market regulations. Critics argue that such ventures could undermine the legitimacy of the cryptocurrency industry and pose risks to investors.
