Crypto fans bid up Trump-branded token days before inauguration

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The announcement came via the president-elect’s preferred social media platforms: Donald Trump was launching another crypto-related project.

Dubbed “the only official Trump meme” on the website associated with the social media post, the token features an illustration of the incoming US president with his first in the air — an image associated with his response immediately after an assassination attempt during the campaign.

While the small print on the website disclaimed that the tokens, available via the Solana blockchain network, are not intended to be an “investment opportunity, investment contract, or security of any type,” crypto-minded Trump fans immediately started buying.

Within 24 hours of launch Friday night, the token had rallied more than 400% from mere cents on the dollar to a high of $32.61, according to crypto data aggregators CoinGecko and CoinMarketCap.

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The Trump token has attracted billions of dollars in trading volumes in the hours since launch, despite initial speculation that the social media announcements were a hack.

Social accounts associated with the Trump camp had previously been hacked and used by unauthorized actors to promote a fraudulent token — a common occurrence in crypto, and one that has even affected the Securities and Exchange Commission.

Representatives for the president-elect didn’t return requests for comment.

Trump’s previous forays into crypto include profitable collections of nonfungible tokens, digital collectibles that show him in a variety of poses and costumes, including as a superhero. Along with his sons, he’s also endorsed World Liberty Financial, a project that has been much-hyped but for which details remain scarce.

The president-elect has made explicit overtures to the crypto industry in the months before and after his election. He’s considering an executive order designating the asset class a “national priority,” Bloomberg News previously reported.