#Trump launches cryptocurrency, sees his net worth skyrocket#

The launch of Trump's cryptocurrency has sparked significant attention and debate within the crypto market. TRUMP, the official meme coin, surged by 11,000% within 12 hours of its release, reaching a market cap of €6 billion and a fully diluted value of €30 billion. Some analysts have pointed out that the Trump team retained 80% of the supply at launch and imposed a 1% tax on every transaction, which is considered blatant cash grabbing. However, on the other hand, this event also suggests the new administration's vested interest in promoting and supporting cryptocurrency, which is positive for the crypto market in the short term. Nevertheless, many fear this is just a modern tulip mania that will ultimately end in a bubble burst. Furthermore, the Trump team's on-chain sale of approximately $500 million worth of tokens has raised concerns about the token's value. Despite these concerns, Trump's cryptocurrency remains a major talking point in the crypto market, and its future developments deserve attention.