President-elect Donald Trump launches his own cryptocurrency On Friday, it sparked a buying frenzy that apparently sent its market value into the billions.

In messages posted on his Truth Social platform and X, Trump launched so-called meme coins, which are designed to capitalize on the popularity of a personality, movement or viral internet trend.

"My new official Trump meme is here! It's time to celebrate everything we stand for: Winning!" he wrote.

Meme coins have no economic or transactional value and are often viewed as a means of speculative trading.

"This Trump meme celebrates a leader who never backs down, no matter the odds," the coin's official website says.

In the hours following the overnight release, the cryptocurrency community raised questions about the legitimacy of the $TRUMP token and its actual connection to the president-elect, with some fearing it was a scam.

But the announcement on Trump's official social media channels seemed to reassure the market, as was the fact that Trump has used CIC Digital LLC, one of the companies behind the project, to sell non-fungible tokens (NFTs) in the past. rest assured. ).

As of Saturday morning, $TRUMP had a market cap of nearly $6 billion, according to CoinMarketCap.com.

Neither Trump nor Fight Fight Fight LLC, the company managing the offering, provided details about how much money he made from the first batch of meme coins.

The coin's official website states that 200 million Meme coins have been issued, and Fight Fight Fight states that an additional 800 million Meme coins will be issued in the next three years.

A former cryptocurrency skeptic, the president-elect has transformed and become a champion of the concept.

Ahead of this new announcement, Trump and his sons Donald Jr. and Eric launch their own cryptocurrency venture – World Liberty Financial – and other members of the incoming administration have previously disclosed investments and support for cryptocurrencies.

Last summer, Trump spoke at a Bitcoin conference in Nashville, promising to make the United States the “crypto capital of the earth” once he returned to the White House.

The meme coins are Trump's latest merchandise offering, which includes a line of perfumes, colognes, watches and a "President Donald J. Trump First Edition" silver coin, priced at $100 each, to celebrate his election victory . He famously used his photographs Sitting next to First Lady Dr. Jill Biden as Notre Dame reopens Promote cologne series.