Trump launches cryptocurrency with price rocketing.

US President-elect Donald Trump has launched his own cryptocurrency, which quickly soared in value.

His release of the meme coin, $Trump, comes as he prepares to take office on Monday as 47th president of the US.

The venture was co-ordinated by CIC Digital LLC - an affiliate of the Trump Organization - which has previously sold Trump-branded shoes and fragrances.

Meme coins are used to build popularity for a viral internet trend or movement, but they lack intrinsic value and are extremely volatile investments.

By Saturday afternoon, hours after its launch, the value of the coins for $Trump reached nearly $5.5bn (£4.5bn), according to CoinMarketCap.com.

CIC Digital LLC and Fight Fight Fight LLC, a company formed in Delaware earlier this month, own 80% of the tokens. It is unclear how much money Trump might make from the venture.

Source: www.bbc.com

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