Just days ahead of his inauguration, President-elect Donald Trump has made headlines once again: This time in the crypto space. Trump has introduced a new cryptocurrency called $TRUMP, which has been marketed as a meme coin. The token’s launch has set the crypto world abuzz, with its value skyrocketing and raising both excitement and skepticism.
$TRUMP Takes the Market by Storm
On Friday, Trump announced the launch of "Official Trump" ($TRUMP), a meme coin built on the Solana blockchain. The announcement claimed that $TRUMP achieved an astounding market capitalization of $8 billion in under three hours of its debut, although questions lingered about the authenticity of the announcement and concerns over potential account hacks.
Within minutes of the launch, the value of $TRUMP surged by more than 300%, with trading volumes nearing $1 billion, as per data from GeckoTerminal. At the time of reporting, the token was trading at $8.5.
The initial announcement appeared on Trump’s social media platform, Truth Social, directing followers to the project’s official website, GetTrumpMemes, to purchase the tokens. A similar post was later shared on X (formerly Twitter), promoting the cryptocurrency as the “official $TRUMP meme coin.”
However, many observers questioned the legitimacy of both the token and the announcements. Adding to the speculation, Trump’s Truth Social account later posted about the appointment of Peggy Schwinn as the new U.S. Deputy Secretary of Education, further muddying the waters.
The Story Behind $TRUMP
According to its website, $TRUMP was inspired by the rallying cry "Fight, Fight, Fight," which Trump famously shouted after surviving an alleged assassination attempt during a campaign rally in Butler, Pennsylvania, on July 13, 2024.
The token has a total supply of 1 billion units, with 200 million available for immediate trading at launch. The remaining tokens will be gradually released over three years, with 80% of the supply allocated to the creators and CIC Digital LLC, subject to a lock-up period ranging from three to twelve months before being unlocked over two years.
Unprecedented Market Response
Within just three hours of its launch, $TRUMP’s market cap reached a staggering $8 billion. Its price surged from an initial $0.18 to $7.1 before eventually stabilizing around $8.5. The launch has already produced success stories, including one trader who reportedly earned $20 million in under an hour.
The token’s meteoric rise has sparked curiosity about what might be driving this frenzy. Some attribute it to the meme coin’s connection to Trump’s brand and the rallying cry from his Pennsylvania campaign event.
Skepticism Clouds the Hype
Despite the massive buzz, the project has drawn its fair share of doubts. Critics point out Trump’s history of launching unusual branded products, such as the ill-fated "Trump Guitars," which were discontinued following legal action from Gibson. This backdrop has left many in the crypto community questioning the legitimacy and longevity of the $TRUMP meme coin.
While $TRUMP has undoubtedly made waves in the crypto market, its future remains uncertain. Will it stand out as a groundbreaking addition to digital assets or fade away as just another meme coin gimmick? For now, one thing is certain: the Trump brand continues to generate intrigue, whether in politics, business, or the digital economy.