Trump's coin 'stands up'

Image of Mr. Trump on one side of a coin. Photo: The Telegraph .

Early morning on April 24, the official website of the TRUMP memecoin project announced that the 220 people holding the most cryptocurrency will have dinner with the current US president. This is the first "benefit" that owners enjoy when spending money to buy tokens.

“Exclusive invitation to the top 220 TRUMP holders. Meet Donald J. Trump, known as the Crypto President, at a private dinner. Here, hear him talk about the future of digital assets,” the announcement reads on the project website.

According to the initial description, the party will be held in Washington, DC on May 22. In addition, the 25 people with the most coins will get to meet the US president in person and have a “VIP tour”.

After the announcement, the price of TRUMP increased sharply. From around $9 , it "built a column" to nearly $15 , equivalent to an increase of approximately 60% in one hour. However, the current price of the digital currency is still far from the peak of more than $70 set at the time of its debut.

Announcement of dinner with President Trump. Photo: $TRUMP.

To register, investors need to link their wallets on the project website and leave their personal information. The organizers will compare the amount of tokens and the holding period to compile the list. On the leaderboard, the person who bought the most TRUMP has more than 400,000 tokens, equivalent to 5.2 million USD .

Along with the cryptocurrency named after the current US president, his wife's Malania token also increased at the same time. From 0.4 USD it rose to 0.52 USD .

Both of Trump's memecoin projects are backed by World Liberty Financial, a US-based cryptocurrency company.

According to the project website, members of Mr. Trump's family participate as representatives and advisors.

According to Bloomberg calculations based on public data, the company has made a profit on paper of up to $1 billion to date. Specifically, a company affiliated with the Trump family received 75% of the net revenue from the sale of the memecoin token. The Trump family owns 60% of the shares in World Liberty Financial through the company DT Marks Defi. The estimated amount they raised in the sale is about $550 million .

The Trump family’s launch of memecoin has received mixed reactions. Experts say it negatively impacts the process of legalizing digital assets. The project is also considered to be opaque and susceptible to manipulation. Two entities linked to the US president’s family, CIC Digital and Fight Fight Fight LLC, hold up to 80% of the supply, which will be unlocked within 3 years.

Recently, World Liberty Financial also announced plans to launch a USD-backed stablecoin, called USD1.

Source: https://znews.vn/coin-cua-ong-trump-dung-cot-post1548354.html