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Trump's crypto token becomes one of world's most valuable
The Straits Times
|January 21, 2025
The Trump family's new crypto token surged in just two days to become one of the most valuable forms of digital currency in the world, creating the potential for a multibillion-dollar payout to the family but also generating a storm of questions about the conflicts of interest the new venture creates.
US President-elect Donald announced the Trump launch of the new token, $Trump, on Jan 17 as hundreds gathered for a cryptoinspired inauguration ball not far from the White House.
The venture won praise by some as a sign of how digital currencies are now going mainstream in the US.
But economists and even some long-time crypto investors said the new digital coin, known as a memecoin, might also emerge as a landmark moment in the speculative history of crypto trading and the potential dangers it poses to the financial system. Memecoins are a type of cryptocurrency tied to an online joke or a celebrity mascot.
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