President-elect Donald Trump made waves on Friday with the launch of his very own cryptocurrency, dubbed $TRUMP. The announcement sparked a frenzy in the crypto community, sending the coin’s market capitalization soaring to nearly $6 billion within hours of its debut.
Trump revealed the meme coin on his Truth Social platform and X, highlighting its significance to his movement. “My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING!” he posted. Meme coins, known for their lack of economic or transactional value, often gain popularity as speculative trading tools tied to trends, personalities, or viral movements.
The coin’s official website added, “This Trump Meme celebrates a leader who doesn’t back down, no matter the odds.”
The cryptocurrency world quickly reacted with both excitement and skepticism. Many questioned the coin’s legitimacy and Trump’s actual involvement, raising concerns about potential scams. However, Trump’s use of his verified social media channels for the announcement provided some reassurance. Moreover, CIC Digital LLC, a company previously used by Trump to sell NFTs, was linked to the project, adding further credibility.
The initial batch of 200 million meme coins was issued at launch. According to Fight Fight Fight LLC, the company managing the project, another 800 million coins will be added over the next three years. Despite the growing buzz, neither Trump nor Fight Fight Fight LLC disclosed how much the president-elect earned from the launch.
By Saturday morning, CoinMarketCap.com reported the coin’s market cap nearing $6 billion. Trump’s rapid embrace of cryptocurrency has surprised many, as he was once a vocal skeptic of digital assets. However, in recent years, he has pivoted to championing crypto as part of his vision for economic growth.
Earlier, Trump and his sons Donald Jr. and Eric launched their crypto venture, World Liberty Financial. Other members of his administration have also disclosed investments and backing for digital currencies.
Last summer, Trump addressed a Bitcoin conference in Nashville, where he pledged to make America the “crypto capital of the planet” if reelected. The president-elect’s latest crypto push aligns with his broader branding strategy, which includes merchandise such as perfumes, colognes, watches, and commemorative silver coins celebrating his election victory.
Trump’s move into the cryptocurrency space has reignited discussions about the future of digital currencies under his administration. While the $TRUMP meme coin’s true impact remains uncertain, it has already made a splash in both political and financial circles.
