Donald Trump has launched a new cryptocurrency just in time for his inauguration, and it’s already got a market capitalisation of $6.3billion

The meme coin is in the image of the incoming US President and has surged to a market cap of $6,384,122,903 – more than £5.2billion.

Donald Trump has launched a new cryptocurrency just in time for his inauguration, and it’s already got a market capitalisation of $6.3billion.

Unsurprisingly for a businessman-turned-politician with hotels, casinos and a university named after him, he’s made the meme coin in his image.

‘It’s time to celebrate everything we stand for: WINNING!’, the incoming US President posted when he launched the coin, $TRUMP, on Friday night.

Within 12 hours, Trump Coin had surged to a market cap of $6,384,122,903 – more than £5.2billion.

It had opened with a price of $4.29 per coin. Now it’s trading at $32.48 – a rise of testament to Trump’s ability to cash in on his own brand.

But it represents a significant shift since Trump’s last presidency when he said: ‘I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.

‘Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity’

In 2021, Trump said Bitcoin, the biggest cryptocurrency, ‘just seems like a scam’, adding: ‘I don’t like it because it’s another currency competing against the dollar.’

Now he’s dubbed himself ‘The Crypto President’ and has promised to build a ‘strategic bitcoin reserve’.

His re-election in November prompted a surge in the price of Bitcoin, which passed $100,000 – £82,000 – on Friday. Now, it seems, Trump wants a piece.

What is Trump’s meme coin?

Trump Coin is just the latest in a long line of cryptocurrencies to hit the market.

Elon Musk has thrown his weight behind another meme coin – Dogecoin – which has leant its name to his new government cost-cutting department.

Its price per coin dropped from $0.43 to around $0.39 since Trump announced his rival.

Current valuations predict Trump Coin’s market cap could go as high as $32billion – around £26billion.

That’s a vast sum of money, but Trump appears to be selling it more as a collector item – like a Queen Elizabeth II memorial coin – than currency.

‘On July 13, 2024, President Trump faced death and came up fighting’, the official website GetTrumpMemes says.

‘With his fist in the air and the iconic battle cry FIGHT FIGHT FIGHT, President Trump showed the world what a LEADER is made of. His strength and courage ignited a movement becoming the most memorable meme of the century.

‘Now, you can get your piece of history. This Trump Meme celebrates a leader who doesn’t back down, no matter the odds. Join the Trump Community – we’re all about fighting for what matters.’

While Trump Coin can be traded on blockchain for real money – meaning you could get quite rich, or lose it all, if you make the right plays – there is an interesting disclaimer on the site.

It says: ‘Trump Memes are intended to function as an expression of support for, and engagement with, the ideals and beliefs embodied by the symbol “$TRUMP” and the associated artwork, and are not intended to be, or to be the 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 any political office or governmental agency.’

Is it legit?

It’s not unusual for newly launched cryptocurrencies to surge in value in their opening hours.

But it’s also quite common for cryptocurrencies to then suddenly lose almost all their value, wiping out investors’ money in the process.

In numerous cases, this has led to those behind the coins – including social media influencers – to be accused of running a ‘pump and dump’ scam.

This would involve them hyping up its price before launch before selling it for profit when it spikes.

There is no indication that Donald Trump is doing this. Trump Coin’s value has not plunged.

If anything, despite some ups and downs, its followed a relatively steady upwards trend since launch.

Like all investments, crypto comes with risks, and despite Trump’s presidency looking like a pro-crypto one, such currencies still have limited recognition outside of certain tech circles.

The volatility of meme coins may be enough to ward most people off.

Can anyone buy it?

Anyone can buy Trump Coin. Like other cryptocurrencies, you can buy them through brokers or exchanges by creating and verifying an account, then depositing money used to buy it.

Trump directs potential buyers towards ‘Moonshot’, a self-described meme marketplace that takes Apple Pay, Google Pay