The latest Trump crypto project

The “Official Trump” coin was announced on the president-elect’s X and Truth Social accounts late Friday night, the same evening as the Crypto Ball, a celebration of his return to the White House held by crypto industry leaders in Washington, D.C.It began trading at about 10:40 p.m. ET Friday at a price of $4.29 and has since rocketed 604% to $30.22, according to CoinGecko data.A disclaimer on the new coin’s says it is “intended to function as an expression of support for, and engagement with, the ideals and beliefs embodied by the symbol ‘$TRUMP’ and the associated artwork, and … not intended to be, or to be the subject of, an investment opportunity, investment contract, or security of any type.”There are 200 million coins initially available, which will grow to 1 billion over three years, according to the website. Just 10% is available to the public, with another 10% held in liquidity and 80% to “creators and CIC Digital,” an affiliate of The Trump Organization.The meme coin is the latest fundraising effort to come out of team Trump – which has also launched two NFT collections – Trump Digital Trading Cards on the polygon blockchain and Trump Bitcoin Digital Trading Cards on the Bitcoin blockchain – as well as the DeFi platform World Liberty Financial on Ethereum.