Donald Trump has launched his own cryptocurrency, $Trump, just days before his inauguration as the 47th president of the United States. The meme coin’s market value skyrocketed to nearly $5.5 billion within hours of its release, sparking both excitement and criticism.

The project was spearheaded by CIC Digital LLC, a Trump Organization affiliate known for branding ventures such as fragrances and footwear. Meme coins, like $Trump, are often tied to internet trends but are notoriously volatile, with little intrinsic value. Despite this, the new coin quickly gained traction.

Trump shared the launch on Truth Social, his platform, calling it a celebration of resilience and success. The coin’s website features a bold disclaimer, emphasizing that it is not a political initiative or a traditional investment. It also revealed that 200 million tokens have been issued, with plans to release 800 million more over the next three years.

While the coin has generated significant buzz, it has not escaped criticism. Skeptics accuse Trump of capitalizing on his presidential status and warn about the risks associated with meme coins. Critics, including venture capitalist Nick Tomaino, raised concerns about Trump owning 80% of the tokens and the timing of the launch so close to his inauguration.

Meme coins and other cryptocurrencies have faced scrutiny in recent years, particularly under President Joe Biden’s administration, which cracked down on crypto exchanges over fraud and money laundering concerns. However, Trump has expressed a more favorable view, promising to position the U.S. as a global hub for cryptocurrency innovation during his presidency.

Despite the divisive reactions, the launch of $Trump signals a growing trend of high-profile figures entering the crypto market. Whether the coin will remain a success or falter as others have is yet to be seen.