Two days ahead of his inauguration as the 47th United States President, Donald Trump on Saturday took the cryptocurrency market by storm after he announced the launch of his official meme coin -- $TRUMP.
Two days before his inauguration as the 47th United States President, Donald Trump sent shockwaves through the cryptocurrency market on Saturday by announcing the launch of his official meme coin, $TRUMP.
Taking to his social media platform, Truth Social, Trump unveiled the new meme coin with a link to purchase it, writing: "My NEW Official Trump Meme is HERE! It's time to celebrate everything we stand for: WINNING!"
According to a report by Economic Times, following its launch, the $TRUMP meme coin experienced a massive surge in market capitalisation, increasing by an impressive 220 per cent to reach USD 4.25 billion within hours.
Launched on the Solana network, trading volumes of $TRUMP soared to nearly USD 1 billion during this period, while the coin's price also skyrocketed from an initial USD 0.18 to USD 7.10. The token moreover gained significant traction on social media platform X, particularly among Trump supporters.
As reported by Cryptotimes, one trader swiftly reacted to the opportunity and purchased almost 6 million $TRUMP coins for approximately USD 1.1 million. Within a short span of time, the trader's investment had increased to USD 23 million.
According to media reports, the $TRUMP token has a fixed total supply of 1 billion tokens. Of these, 200 million coins are allocated for initial distribution, while the remaining 800 million will be released in phases over the next three years.
The coin draws inspiration from Trump's presidential election slogan "Fight, Fight, Fight", which he famously shouted after surviving an assassination attempt in Pennsylvania in July 2024.
Donald Trump is set to be sworn in as US President on January 20 at a high-profile event in the US Capitol rotunda. The Capital One Arena is a sports venue in downtown Washington DC that can accommodate 20,000 people.
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