United States President-elect Donald Trump announced his cryptocurrency “$TRUMP” on Saturday, January 18, ahead of his inauguration as the 47th President of the United States of America on Monday, January 20.
“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. Go to – Have fun! said Donald Trump in his social media post on the X platform.
This meme coin is a Solana-based cryptocurrency that made a meteoric debut in the crypto market and soared over 300% on its first day, crossing the $6 billion market cap, according to Mint previous reports.
History of the $TRUMP coin
The Trump meme gained more than 230% in the past 24 hours as the cryptocurrency’s market capitalization crossed the $14.3 billion mark on Sunday, January 19, according to data collected by CoinMarketCap.
Trading volumes of the $TRUMP coin increased by over 330%, currently standing at just over $18 billion, as of 5:02 p.m. (IST). According to the official website, there are 200 million TRUMP coins in circulation, which are expected to reach a total of 1 billion TRUMP dollars over the next three years.
$TRUMP coin hit its all-time high again on January 19, at $72.70. The coin is currently trading at $72.71 at 5:04 p.m. (IST).
The reason for launching $TRUMP?
According to the official website, the $TRUMP meme coin marks celebrations for Trump’s return to the White House as the leader looks ahead to the inauguration ceremony on January 20.
The website also mentioned that the Trump meme pieces were intended to symbolize an expression of support for the incoming Trump administration. People have raised doubts about the legitimacy of the crypto coin, but the official website and Trump himself have supported the coin as the “Official Trump Meme, by President Donald J. Trump.”
“Trump memes are intended to function as an expression of support and commitment to the ideals and beliefs embodied in the “$TRUMP” symbol and associated artwork, and are not intended to be, or to subject, of an investment opportunity, investment contract or security of any type. GetTrumpMemes.com is not political and has nothing to do with any political campaign or political office or government agency,” according to website data.
These coins are tracked on the Solana blockchain and the website officially claims that this cryptocurrency is not associated with any political campaign, office or government agency.
In the crypto market, investors have always raised a major concern regarding the legitimacy and authenticity of a digital asset or NFT. This move by Trump is one of the first steps a future president will take to support a coin.
So far, the meme coin has given investors staggering returns, but given the general volatility of the crypto market, investments should be made after careful consideration, exercising caution and sound financial advice.
Disclaimer: The views and recommendations expressed above are those of individual analysts or brokerage firms, and not of Mint. We advise investors to seek advice from certified experts before making any investment decisions.
