Donald Trump’s newly launched meme coin, $TRUMP, has skyrocketed to become the 15th largest cryptocurrency globally within just two days of its debut.
The $TRUMP coin, introduced just before Trump’s second presidential inauguration, achieved a staggering market valuation of approximately $8 billion shortly after its launch. This rapid ascent highlights the growing influence and volatility of meme coins in the cryptocurrency market.
Trump made the announcement via his social media platform, Truth Social, stating, “My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING!” He encouraged supporters to join the “Trump Community” and purchase the coin through provided links.
Trading data from CoinMarketCap revealed that the $TRUMP coin’s price surged over 600% within hours, reaching a peak of nearly $33.78 per token. The fully diluted market capitalization was reported at around £27.74 billion ($33.78 billion), driven by significant trading volumes that exceeded $6.64 billion shortly after its introduction.
The token operates on the Solana blockchain and initially launched with a supply of 200 million tokens, with plans to expand to 1 billion over the next three years. Notably, about 80% of these tokens are held by affiliates of the Trump Organization, raising questions about potential market manipulation and investor risks.
Despite disclaimers on its website indicating that the $TRUMP coin is not intended as an investment opportunity or linked to any political campaign, enthusiasm among crypto enthusiasts has been palpable. Many are optimistic that Trump’s pro-crypto policies will further enhance the market landscape as he prepares to take office.
Financial analysts have urged caution regarding meme coins like $TRUMP due to their inherent volatility and speculative nature. However, the coin’s rapid rise underscores the power of branding and community loyalty in today’s digital economy.
As Trump gears up for his inauguration on January 20, his administration’s approach to cryptocurrency is expected to shape future market dynamics significantly.
