Surprise Move: Donald Trump Introduces $TRUMP Meme Coin
Donald Trump, known for his flair for the unexpected, has entered the crypto space with his own meme coin: Trump Meme (TRUMPUSDT). Announced over the weekend, the token quickly gained traction, skyrocketing to a market capitalisation of over $20 billion within hours of trading.
The announcement took many by surprise, with some questioning its legitimacy on platforms like X (formerly Twitter) and Truth Social. However, the posts were genuine, coming directly from Trump himself.
What Does the Fine Print Say?
In his posts, Trump declared:
“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!”
While the buzz surrounding the token is undeniable, the official website makes some key disclaimers. The tokens are explicitly stated not to be an investment, security, or associated with any political campaign or government entity. However, the Trump Organization is entitled to a share of the revenue generated from trading activity.
FOMO Drives $TRUMP to $20 Billion
Despite its controversial nature, $TRUMP saw explosive demand. First announced on Friday evening, the token surged by an eye-watering 1,000%, with prices peaking at $70 per coin. However, the market has since cooled slightly, with prices retreating by around 30%.
The project’s website emphasises that this is the “only official Trump meme,” and reveals that 80% of the token supply is held by Trump-affiliated entities, including CIC Digital and Fight Fight Fight LLC. The latter is notably linked to an incident where Trump famously shouted the phrase after being grazed by a bullet at a rally earlier this year.
Built on Solana Blockchain
Interestingly, $TRUMP was launched on the Solana blockchain, a move that had an immediate impact on the SOL token. Following the launch, Solana hit a new all-time high of $292, adding fuel to the excitement surrounding Trump’s foray into crypto.
Final Thoughts
Trump’s meme coin has captured the attention of both crypto enthusiasts and critics alike. While its long-term success remains to be seen, $TRUMP has undeniably made a splash in the world of digital assets, with its launch sparking debates about the intersection of politics and crypto.