Trump's meme coin hits the stratosphere

Agencies and staff reporter

US president-elect Donald Trump launched his own cryptocurrency, called $TRUMP, sparking a feverish purchase that sent its market capitalization soaring on Saturday to US$5 billion (HK$39 billion).

In a message posted on social media, Trump unveiled the so-called meme coin, which is designed to capitalize on the popularity of a certain personality, movement or viral internet trend.

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

"This Trump Meme celebrates a leader who doesn't back down, no matter the odds," according to the meme coin's official site, which makes reference to the assassination attempt against the Republican in July 2024.

After the launch of the Trump meme coin, the price of cryptocurrency that runs on the Solana blockchain once rose to a record high US$269.

In other related news, Trump is planning to use his executive powers to reduce the regulatory burden faced by cryptocurrency companies and promote digital asset adoption in his first few days in office, according to three people briefed on the plan.