Donald Trump's Meme Coin $TRUMP Hits Nearly $11 Billion in Market Value

According to cryptocurrency tracking website CoinMarketCap, Donald Trump's meme coin $TRUMP has hit nearly $11 billion in market value.

A meme coin featuring former U.S. President Donald Trump has seen its market value skyrocket to nearly $11 billion, according to cryptocurrency tracking website CoinMarketCap.

As of press time on Monday (Dec. 12), the digital token — which trades under the ticker $TRUMP — is valued at $52.71, a significant increase from the less than $10 it was trading at on Saturday. It reached a peak of $74.59 on Sunday.

The coin was launched on Friday, and its branding includes an image of Trump raising a fist over an American flag, with the text "Make America Meme Again!" on one side and a depiction of Mount Rushmore on the other.

According to a Reuters story, of the total number of tokens, 80% are owned by an affiliate of The Trump Organization called CIC Digital LLC, and another business called Fight Fight Fight LLC.

The website for the coin states that "GetTrumpMemes.com is not political and has nothing to do with any political campaign or any political office or governmental agency."

Trump has been vocal about his preference for memes in the past, and he has used them extensively on his Truth Social platform. However, this is the first time that his likeness is being used for a cryptocurrency.

The launch of the $TRUMP coin comes despite Trump's previous skepticism of cryptocurrency. In 2021, he expressed his reservations about Bitcoin, saying, "Bitcoin, it just seems like a scam... I don't like it because it's another currency competing against the dollar."

However, his stance on crypto has since shifted, and he became the first presidential candidate to accept digital assets as campaign donations.

Interestingly, crypto is now also a family affair for the Trumps. First Lady Melania Trump also launched a meme coin, and on Sunday, Trump's son Eric posted on X "Wait until you see what they do tomorrow!"