Trump’s coin will be used for buying and selling products

Donald Trump is expanding his cryptocurrency presence by allowing the use of the meme coin TRUMP for product purchases. Launched on January 17, TRUMP can now buy items like sneakers, watches, and perfumes from websites linked to Trump’s businesses, such as GetTrumpSneakers.com, GetTrumpWatches.com, and GetTrumpFragrances.com. These sites also accept Bitcoin and belong to CIC Ventures LLC, a company associated with Trump, according to Citizens for Responsibility and Ethics in Washington.

As of January 30, TRUMP coin had a market capitalization of about $5.4 billion. Around 80% of the token supply is held by Trump’s affiliates, and trading has generated over $11 million in fees.

Trump’s media companies are also making news with cryptocurrency investments. The Trump Media and Technology Group is moving into financial services, including crypto investments. After this announcement, the company’s stock rose by 8%. Trump first entered the crypto space in 2022 with NFT collections. Since then, his family has raised funds for World Liberty Financial, a decentralized finance platform focused on crypto assets. Additionally, Melania Trump launched her own meme coin, MELANIA.

However, the growth of TRUMP coin has raised concerns among watchdog groups. Danielle Brian, president of the Project on Government Oversight, stated that Trump could influence cryptocurrency regulations to benefit his assets. Under his administration, the SEC created a task force to develop regulations, while the Biden administration focused on sanctions against crypto companies. Trump has also suggested creating a federal digital asset reserve.