President-elect Donald Trump has launched his own meme coin, prompting excitement from the cryptocy world that has reportedly left the coin with a market capitalisation of $6.8 billion. The newly elected US president announced he is introducing his new official “$TRUMP”meme coin to celebrate “WINNING”.
In a post on X on Saturday, he wrote: “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.” The cryptocy market’s response was massive, according to The Crypto Times, with one trader getting a windfall of $20 million within the first hour of the unveiling.
The price of the coin reportedly kept on climbing after the announcement, from $0.18 to a high of $3.70, with $TRUMP currently standing at $7.10. This marks a 4,000 per cent increase from its start, with a $6.8 billion market capitalisation. Solana (SOL) developed the coin, creating 200 million tokens for its launch – although overall supply will be 1 billion in the next three years.
One trader bought close to 6 million $TRUMP coins for around $1.1 million using USDC, according to Lookonchain. Just 90 seconds later, the investment was worth $23 million. They have apparently sold a small number, while they have the remaining 5.43 million, giving them a profit of more then $20 million.
The launch comes just before Trump and Vice President-elect JD Vance will be inaugurated on Monday. The ceremony has been moved indoors to the Capitol Rotunda because frigid temperatures expected in the nation’s capital are set to mark the coldest inauguration day in four decades. Meanwhile, the number of Democrats who have reportedly said they will skip the inauguration continues to grow.