Just days before his highly anticipated second inauguration, President-elect Donald Trump has made waves in the cryptocurrency world by launching a new meme coin named $TRUMP. The coin, unveiled on Friday night, has already captivated both crypto enthusiasts and Trump supporters alike, quickly reaching a valuation of $31 billion.
The $TRUMP coin, a cryptocurrency designed to commemorate Trump’s resilience following the attempted assassination on July 13, 2024, was announced via posts on Trump’s Truth Social platform and on X, formerly known as Twitter. Its official website, gettrumpmemes.com, states that 200 million $TRUMP coins are currently available, with plans to expand the supply to one billion coins over the next three years.
The coin’s branding solidifies Trump’s image as “the crypto president.” It features an image of the President-elect with his fist raised and the rallying cry “Fight, Fight, Fight,” echoing Trump’s defiant words during the incident in Butler, Pennsylvania.
On its first full day of trading, the $TRUMP coin surged in value. By Saturday at 1 p.m. ET, the coin was trading at approximately $31, according to data from GeckoTerminal. Having started at just 18 cents per coin, its meteoric rise gave it a fully diluted valuation of $31.37 billion and a market capitalization exceeding $6.27 billion.
The launch has sparked discussions throughout the cryptocurrency community and beyond. “Trump Coin has taken the cryptocurrency world by storm, potentially positioning itself to challenge Dogecoin’s supremacy in the meme coin ecosystem,” remarked Boaz Sobrado, a London-based fintech analyst, in an article for Forbes. Axios reporters Ben Berkowitz and Brady Dale echoed similar sentiments, noting that the launch not only highlights Trump’s personal influence but also underscores the increasing significance of cryptocurrency within his administration. They also pointed out that the coin could generate over $25 billion in paper wealth for Trump and his associated businesses.
According to the coin’s website, CIC Digital LLC, an affiliate of The Trump Organization, and Fight Fight Fight LLC, a co-owned entity, collectively control 80% of the $TRUMP coins. However, these holdings are locked under a three-year unlocking schedule, preventing large sell-offs in the near term.
Despite its initial success, the project has not been without controversy. Crypto Briefing reported that the announcement of the $TRUMP coin raised “serious questions about the legitimacy” of the venture. The publication suggested that the team behind Trump’s earlier “America First Collection” of digital trading cards may also be responsible for this new cryptocurrency initiative.
Potential investors should approach with caution. Cryptocurrencies are notoriously volatile, and Newsweek reported that those purchasing $TRUMP coins must agree to specific terms, including waiving their right to participate in class action lawsuits. This stipulation appears aimed at mitigating financial risks for the coin’s creators and issuers.
As $TRUMP continues to make headlines, it represents not only a bold financial move but also a testament to Trump’s enduring ability to command attention and capitalize on emerging trends. Whether the coin will maintain its value or fade into obscurity remains to be seen, but its dramatic entrance into the crypto market has already made it a phenomenon to watch.