Donald Trump’s meme coin, TRUMP, which launched on Jan. 17, can now be used to purchase merchandise like sneakers, watches, and fragrances from websites linked to his business ventures.
Donald Trump’s meme coin, TRUMP, which launched on Jan. 17, can now be used to purchase merchandise like sneakers, watches, and fragrances from websites linked to his business ventures—GetTrumpSneakers.com, GetTrumpWatches.com, and GetTrumpFragrances.com. These websites also accept Bitcoin, and according to Citizens for Responsibility and Ethics in Washington, they are owned by CIC Ventures LLC, a company connected to Trump. As of Jan. 30, the TRUMP coin had a market cap of about $5.4 billion. A large portion of the token supply, around 80%, is held by Trump affiliates, and trading has reportedly generated over $11 million in fees.
Trump’s foray into digital assets has expanded. His media company, Trump Media and Technology Group, is branching out into financial services, including cryptocurrency investments. The company’s stock rose 8% following the announcement. Trump first entered the crypto world in 2022 with NFT collections. Since then, his family has been involved in raising funds for a decentralized finance platform, World Liberty Financial, which focuses on crypto assets. Additionally, Melania Trump launched her own meme coin, MELANIA.
However, the growth of the TRUMP coin has sparked concerns from watchdog groups. Danielle Brian, head of the Project On Government Oversight, pointed out that Trump could influence crypto regulations that benefit his own holdings. Under his administration, the SEC established a crypto task force with the aim of creating regulations, while the Biden administration primarily focused on enforcement against crypto companies. Trump has even proposed the creation of a federal digital asset reserve.
The TRUMP coin’s use is expanding beyond Trump’s ventures. The travel booking site, Travala.com, has started accepting the coin for payments, marking a step forward in using crypto for everyday transactions. However, with the coin’s value fluctuating, cryptocurrencies like TRUMP are still mostly used for speculation rather than regular purchases.
Despite concerns over potential conflicts of interest, Trump has positioned himself as a pro-crypto figure, making regulatory promises as well as already taking steps like pardoning Silk Road creator Ross Ulbricht and creating a group to explore digital asset policies. As Trump’s influence in the crypto world grows, questions persist about how his past policies and business interests might affect the sector’s future.
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