The total value of a memecoin in circulation that is backed by Donald Trump has hit more than $13bn, sparking accusations that the incoming president is exploiting his supporters’ enthusiasm for financial gain.
Since its launch on Friday evening, the $TRUMP cryptocurrency — in which Trump’s family business owns a direct stake — has soared from about $6 to $67, making the value of the coins in circulation worth about $13.2bn, according to data from Coinbase.
The rapidly increasing value of the token has already made it one of the crypto market’s biggest “memecoins”, or tokens that represent online viral moments. Initially developed as an insiders’ industry joke, memecoins have no business model or cash flows.
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