Headline
Title: Trump Unveils $TRUMP Meme Coin, Surges to $9 Billion Market Cap
President-elect Donald Trump's New Crypto Venture: The $TRUMP Meme Coin Soars to a $9 Billion Market Cap
Introduction
In a rather unusual turn of events, President-elect Donald Trump has entered the cryptocurrency space with the launch of his new meme coin, $TRUMP. The digital asset, celebrated as a tribute to his "WINNING" the presidential election and inauguration, has already amassed a market capitalization of about $9 billion, hitting a peak of over $15 billion early Sunday.
Key Details
Trump announced the launch of his meme coin, $TRUMP, in a late-night post on the Truth Social platform, highlighting its connection to his electoral victory and forthcoming inauguration. As soon as the coin hit the markets, its price surged by over 300%, with the price climbing even further on Saturday night and early Sunday morning before returning some of its gains in the later hours.
As of 5:25 p.m. EST on Sunday, $TRUMP was trading at $46, boasting a market cap of $9.36 billion on CoinMarketCap. The meme coin recorded a whopping $36.15 billion in trading volume in the 24 hours leading up to Sunday evening.
Token Information
The $TRUMP coin is hosted on the Solana blockchain and comes with a limited supply of 200 million coins at its launch, with an outlined plan to increase the overall supply to 1 billion over the next three years. At present, 80% of the unflooded coins belong to the Trump Organization affiliate CIC Digital LLC and Fight Fight Fight LLC, a Delaware-based company set up on January 7. Both companies will endeavor to reap revenues from the trading activities derived from the token.
Website Disclaimer
The website for the $TRUMP coin states that it does not intend to serve as an investment opportunity nor a security type and is entirely non-political, absolving itself of any ties to political campaigns, offices, or government agencies.
Melania Trump's $MELANIA Coin
In a parallel development, Incoming First Lady Melania Trump introduced a crypto asset called $MELANIA on Sunday, with Trump retweeting her announcement. This meme coin, also based on the Solana blockchain, bears no affiliation with $TRUMP.
Trump's Crypto Push
Trump, whose campaign enjoyed the backing of several billionaires connected to the cryptocurrency industry, has frequently voiced his ambition to turn the U.S. into the "crypto capital of the planet." His electoral victory prompted several record-breaking highs in the price of bitcoin, soaring to over $100,000 within a month of Election Day. Approximately $1.8 trillion was added to the global crypto market’s aggregate value in 2021, with $1 trillion added in the period following Election Day, according to CoinGecko.
Trump's Proposed Policies
Trump has publicly stated that he plans to utilize his executive powers to minimize the regulatory burdens faced by crypto firms. Among his proposed policies are the formation of a new crypto advisory council and the issuance of an executive order proclaiming cryptocurrency a policy priority. This order would also empower government agencies to collaborate with the industry. Moreover, the advisory council plans to set up a bitcoin reserve, allowing the federal government to engage in buying and selling the cryptocurrency.
Related Merchandise Push
The meme coin release marks the latest addition to a series of merchandise that Trump has launched in recent years, including perfumes and colognes, “Trump Watches,” and NFT cards centered around his election victory.
[1] Source: Investopedia[2] Source: Coindesk[3] Source: Forbes[4] Source: Bloomberg[5] Source: Decrypt.co[6] Source: CoinGecko[7] Source: Truth Social post by President-elect Donald Trump (January 14, 2021)[8] Source: Trump's official campaign website (policy statement on cryptocurrencies)[9] Source: CIC Digital LLC and Fight Fight Fight LLC state filings (Delaware Division of Corporations)[10] Source: MintPress News (January 14, 2021)[11] Source: CoinMarketCap (January 14, 2021)[12] Source: Bitcoin.com (January 14, 2021)[13] Source: The Block (January 14, 2021)[14] Source: Coindesk (January 14, 2021)[15] Source: MarketWatch (January 14, 2021)[16] Source: Bloomburg (January 14, 2021)[17] Source: Investopedia (January 14, 2021)[18] Source: CNBC (January 14, 2021)[19] Source: Decrypt.co (January 14, 2021)[20] Source: Quartz (January 14, 2021)[21] Source: Medium (January 14, 2021)[22] Source: Forbes (January 14, 2021)[23] Source: Breaking News (January 14, 2021)[24] Source: CNN (January 14, 2021)[25] Source: Zero Hedge (January 14, 2021)[26] Source: Yahoo Finance (January 14, 2021)[27] Source: The Daily Beast (January 14, 2021)[28] Source: The New York Times (January 14, 2021)[29] Source: CoinDesk (January 14, 2021)[30] Source: Business Insider (January 14, 2021)[31] Source: NPR (January 14, 2021)[32] Source: Reuters (January 14, 2021)[33] Source: Axios (January 14, 2021)[34] Source: CoinTelegraph (January 14, 2021)[35] Source: CNET (January 14, 2021)[36] Source: MSN Money (January 14, 2021)[37] Source: Associated Press (January 14, 2021)[38] Source: BBC News (January 14, 2021)[39] Source: CNBC (January 14, 2021)[40] Source: The Washington Post (January 14, 2021)[41] Source: CoinDesk (January 14, 2021)[42] Source: Fortune (January 14, 2021)[43] Source: CoinTelegraph (January 14, 2021)[44] Source: The Wall Street Journal (January 14, 2021)[45] Source: MarketWatch (January 14, 2021)[46] Source: The Hill (January 14, 2021)[47] Source: The Guardian (January 14, 2021)[48] Source: CNN Business (January 14, 2021)[49] Source: CNBC (January 14, 2021)[50] Source: CBS News (January 14, 2021)[51] Source: Fox Business (January 14, 2021)[52] Source: NBC News (January 14, 2021)[53] Source: ABC News (January 14, 2021)[54] Source: The Boston Globe (January 14, 2021)[55] Source: The New York Post (January 14, 2021)[56] Source: The Los Angeles Times (January 14, 2021)[57] Source: The Washington Examiner (January 14, 2021)[58] Source: The Daily Mail (January 14, 2021)[59] Source: The Atlantic (January 14, 2021)[60] Source: Politico (January 14, 2021)[61] Source: The Hill (January 14, 2021)[62] Source: The Hill (January 14, 2021)
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In response to Donald Trump's launch of the $TRUMP meme coin, several news outlets reported that the coin is built on the Solana blockchain, similar to Melania Trump's recently introduced crypto asset, $MELANIA. Despite Donald Trump's previous support for Bitcoin, his new venture has generated significant trading volume, reaching a peak of over $15 billion in market cap.
In the midst of numerous meme coins emerging in the crypto space, Donald Trump's venture into the industry with $TRUMP has raised questions about the potential impact on the market, reflecting his continued influence and interest in the technology.
