A new meme coin launched by President-elect Donald Trump on Friday has a market capitalization of about $9 billion—after hitting a peak of over $15 billion early Sunday—marking Trump’s latest venture into cryptocurrency and merchandise sales in the lead-up to his inauguration.
Trump announced the launch of his meme coin, $TRUMP, in a Truth Social post late Friday, saying the cryptocurrency is celebrating “WINNING” the presidential election and his upcoming inauguration.
Shortly after launching, the price of $TRUMP rapidly rose by more than 300% by Saturday morning, and it kept rallying Saturday night and early Sunday morning—before paring back some of its gains later Sunday.
The virtual asset skyrocketed to just over $46 as of 5:25 p. m. EST on Sunday, with a market capitalization of $9. 36 billion, according to CoinMarketCap.
The asset, hosted on the Solana blockchain, surpassed $75 early Sunday, bringing the overall market capitalization of all tokens in flow to a high of $15 billion.
The meme coin’s developers have limited the supply of $TRUMP to 200 million coins at launch before expanding the overall supply to 1 billion over the next three years, according to the coin’s website.
The remaining 80% of tokens that have yet to be publicly released are owned by the Trump Organization affiliate CIC Digital LLC and Fight Fight Fight LLC, a company formed in Delaware on Jan. 7, according to state filings, and both companies will receive an undisclosed amount of revenue derived from trading activity.
The token includes a disclaimer stating that $TRUMP “is not intended to be nor is the subject of” any investment opportunity or security of any kind, and is “not political and has nothing to do with” a political campaign, since or government agency.
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36,150 million dollars. This is the volume of $TRUMP in the 24 hours ending Sunday at 5:25 p. m.
Incoming First Lady Melania Trump also launched a crypto asset called $MELANIA on Sunday, and the president-elect retweeted her announcement. The meme coin is also based on the Solana blockchain.
Trump, whose crusade has been subsidized by several billionaires connected to the cryptocurrency industry, has stated that he needs the United States to be the “crypto capital of the planet. ” His election victory propelled Bitcoin to several new records, eclipsing $100,000 in the following month. Election day. According to CoinGecko, around $1. 8 trillion has been added to the overall global crypto market price in 2024, adding $1 trillion since Election Day.
Trump said he would use his executive powers to ease the regulatory burdens facing crypto firms, adding the formation of a new crypto advisory council. The president-elect reportedly plans to unveil an executive order that singles out cryptocurrencies as a political priority while also advising government agencies to work with the industry. This order would also identify a bitcoin reserve, which would allow the federal government to buy and sell cryptocurrencies. News of Trump’s plans for crypto from the bitcoin industry caused bitcoin’s value to soar above $105,000 on Friday, the coin’s value in just about a month.
The Trump meme piece is his latest trade crusade in recent years, and joins a line of perfumes, colognes and “Trump watches” celebrating his election victory. It introduced a series of “Trump Watches” worth up to $100,000 in September, following the release of $100 silver coins and 1,000 pairs of limited-edition sneakers, the $60 Trump logo and NFT cards. Most of the profits Trump made from his products came from his NFTs, which allegedly earned him roughly $7. 2 million in licensing fees. Trump’s new line of signed and unsigned guitars sold for $11,500 and $1,500 each, respectively, generating a combined profit of $4. 6 million.
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