$Trump launches meme coin, apparently makes more than $25 billion overnight! 👀

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"President-elect Trump launched his own cryptocurrency overnight and swiftly appeared to make more than $25 billion on paper for himself and his companies.
Why it matters: The stunning launch of $TRUMP caught the entire industry off-guard, and speaks to both his personal influence and the ascendancy of cryptocurrency in his administration.

  • It also speaks to the nature of the crypto industry that someone could have $25 billion worth of something that literally did not exist 24 hours previously.
Catch up quick: Friday night, while Trump was reportedly hosting a "Crypto Ball" for the industry in Washington, the president-elect launched his own meme-linked cryptocurrency.

  • His website bills it as "the only official Trump meme."
  • While a number of Trump-branded meme coins popped up in recent months, none had his official endorsement until now.
By the numbers: According to CoinGecko price data, $TRUMP rose more than 600% overnight and was trading just over $32 as of 11 a.m. ET Saturday.

  • That gives the coin a fully diluted market capitalization just north of $32 billion.
  • The meme website says 80% of the supply is held by Trump Organization affiliate CIC Digital, and a CIC co-owned entity called Fight Fight Fight LLC. ("Fight fight fight" is what Trump said after being shot at a rally in July.)
  • They are subject to a three-year unlocking schedule, which means they cannot dump all of their holdings at once.



The intrigue: Trump has warmly embraced cryptocurrency as a concept and an industry, to the point that he is reportedly considering designating it a "national priority" as soon as this week, per Bloomberg.

💭 Brady's thought bubble: No politician has ever given their supporters a way to monetize that support -- until now."
 
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chatgpt, explain this like I'm 5 :beli:

Okay! Imagine your favorite superhero made a special kind of pretend money, like Monopoly money, but everyone thinks it's super cool and valuable just because it has their name on it. That's what Trump did! He made his own special pretend money on the internet called "$TRUMP."

Lots of people got super excited about it, and they started trading it, like swapping Pokémon cards. The value of his pretend money went up a lot—so much that if you added it all up, it was worth $25 billion! But here's the funny part: this pretend money didn’t even exist the day before.

Trump and his team made a rule that they can't trade all of their pretend money at once, kind of like when you save some candy for later. And now, because of this pretend money, Trump is saying that this kind of internet money (called cryptocurrency) is super important and might even make it a big deal for the whole country. Cool, right? 😊

:dead::dead::dead:
 
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Hopefully he raises the gift tax to $500 million lifetime or higher



The gift tax is up for renewal in 2025 so we'll see what he does within . If nothing is done the lifetime exemption goes down to $6 million from almost $14 million
 
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