Is Barron Trump the mastermind behind $TRUMP memecoin? Here's what we know

Donald Trump Friday launched a cryptocurrency token featuring his 'fight fight fight' gesture from the July assassination attempt which surged 300 per cent within hours after the launch creating billions from thin air before his return to DC -- for the second time. "My NEW Official Trump Meme is HERE! It's time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR $TRUMP NOW," Trump wrote on Truth Social.

Trump's former aide Anthony Scaramucci said Trump's meme coin us 'Idi Amin level' corruption'. Idi Amind was a Ugandan dictator who was ousted in 1979 for corruption. "The Trump meme coin stuff is bad for the industry. Don't delude yourself. It's Idi Amin level corruption," he wrote.

What is $TRUMP? Is Barron Trump behind this new memecoin?

$TRUMP was organized by CIC Digital LLC, an affiliate of the Trump Organization which has already been selling an array of other products, digital trading cards. A disclosure on the website said CIC Digital and its affiliates own 80 per cent of the supply of the new Trump token that will be released gradually over the coming three years and that they will be paid trading revenue as the tokens are sold.

Donald Trump always said how Barron Trump is well versed with crypto world triggering speculations whether this new memecoin is his brain child. Barron Trump holds an official position (DeFi visionary) in the Trumps' crypto startup World Liberty Financial. It's not known whether the $TRUMP has any association with the World Liberty Financial either.

$TRUMP is intended to function as a support for, and engagement with the ideals and beliefs embodied by the symbol $TRUMP, it said clarifying that these tokens are not intended to be seen as an investment opportunity. It remained unclear what will happen to those who bought these coins.

“GetTrumpMemes.com is not political and has nothing to do with any political campaign or any political office or governmental agency,” the venture’s website said. The legal disclosures say the tokens are not intended to be seen as “an investment opportunity, investment contract or security of any type.”

Eric Trump said the $TRUMP was part of a new and growing business sector. “I am extremely proud of what we continue to accomplish in crypto,” Eric Trump said in a statement to The New York Times. “$Trump is currently the hottest digital meme on earth.” He added: “This is just the beginning.”