Controversial Cryptocurrency Development: Entities Linked to President Trump Gain Approval for New Meme Coin Release
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Trump’s Meme Coin Empire Is About to Explode With Millions of New Tokens
Entities linked to the president can now sell up to nearly $1 billion worth of $TRUMP. The question is: will they?
In a shocking turn of events, entities affiliated with President Donald Trump have been granted permission to sell millions of new meme coins, potentially reshaping the future of one of the most controversial cryptocurrencies in circulation.
Starting Wednesday, July 17th, these entities can now liquidate nearly $1 billion worth of $TRUMP tokens. The question on everyone’s mind is whether they will actually go through with this plan.
The move has the potential to significantly increase the $TRUMP coin supply, testing the strength of demand and the staying power of Trump’s crypto brand.
$TRUMP, a token named after the former reality TV star turned president, launched just three days before his official return to the White House. Despite its controversial nature, the coin has already earned over $350 million in transaction fees from initial sales alone.
The remaining 800 million out of the total 1 billion tokens are held by CIC Digital LLC and Fight Fight Fight LLC, both companies tied directly to the former president.
A vesting schedule outlined on the official $TRUMP website allows the token creators to gradually release more of the supply over a three-year period. Initially, CIC and its partners were allowed to sell up to 40 million tokens in April but chose not to. As of July 17th, they are now authorized to release an additional 50 million.
This brings the total available for sale to 90 million $TRUMP tokens, nearly half of the current circulating supply. At today’s market price of $10.06 per token, these newly unlockable coins would be worth over $900 million.
Justin Sun, a crypto billionaire, has already expressed interest in purchasing a significant number of the tokens. However, it remains unclear whether Trump-linked entities plan to sell or not.
Source: gizmodo.com
