Although the developers said it was not an investment vehicle nor linked to political campaigns, it attracted considerable interest, reflected by a trading volume of $36.15 billion over 24 hours.
Donald Trump’s new coin launched, $TRUMP, has seen explosive growth, reaching a market capitalization of around $9 billion after peaking at over $15 billion on Sunday. The coin, which was announced on Truth Social before Trump’s second presidential inauguration, quickly surged more than 300% shortly after its release. As of Sunday evening, the price had settled at just over $46, with a market capitalization of $9.36 billion. The coin, which runs on the Solana blockchain, is limited to 200 million coins initially, with plans to reach 1 billion over the next three years.
The meteoric rise of the $TRUMP token was accompanied by massive trading activity, reaching a 24-hour trading volume of $36.15 billion. However, the coin’s developers, including Trump affiliates CIC Digital LLC and Fight Fight LLC, have made it clear that $TRUMP is not an investment opportunity and is not tied to any political campaign or to a government entity. Despite this, its launch has attracted interest, particularly in light of Trump’s continued political influence and support from cryptocurrency industry backers.
The Trump meme coin is the latest in a series of merchandise ventures, which include luxury items such as watches, perfume and Trump-branded NFTs. His administration has also expressed plans to reduce regulatory burdens on crypto companies and create a Bitcoin reserve. The growing anticipation surrounding Trump’s second term, as well as his pro-crypto stance, continues to fuel optimism within the crypto market.
Additionally, Melania Trump entered the crypto space with the launch of her coin, $MELANIA, based on the Solana blockchain. The collaboration between the Trumps further aligns with their vision of a thriving digital economy as the new administration approaches.
