Donald Trump`s new $TRUMP meme coin skyrockets 220% in hours, reaching a $4.25B market cap

Just one day before his inauguration as the 47th President of the United States, Donald Trump made headlines with an unexpected announcement: the launch of his own meme coin, $TRUMP.

Donald Trump announced the launch of his own meme coin, $TRUMP, on his social media platform, Truth Social. The coin, which is inspired by Trump's presidential campaign slogan "Fight, Fight, Fight," experienced a surge in market capitalisation just hours after its release. According to reports, the coin's market value increased by 220 percent, reaching $4.25 billion.

The $TRUMP meme coin, which was launched on the Solana network, quickly gained massive traction, especially among Trump's supporters on social media platform X. One particular trader purchased approximately 6 million $TRUMP coins for $1.1 million. Just minutes later, the value of their investment shot up to a staggering $23 million.

The coin has a limited supply of only 1 billion tokens, with 200 million available for immediate distribution. The remaining 800 million coins will be made available for purchase in phases over the next three years.

Trump is set to take the oath of office as President on January 20, an event expected to draw high-profile figures from around the world. With the timing of the coin's release so close to his inauguration, many are questioning whether there might be deeper political motivations behind it. Some have speculated that the launch of the $TRUMP coin could be connected to Trump's second presidential term, although the official website insists the coin has no political affiliations.

Despite its initial success, the launch of $TRUMP has not been without its fair share of controversy. Critics have raised concerns about the coin's ownership structure, which appears to be highly concentrated. This has led to questions regarding potential centralised control and whether the coin could be used for political gain.

The official website of $TRUMP denies any political motives, yet the proximity of its launch to Trump's inauguration has fueled scepticism. Further complicating matters, the coin's release comes at a time when social media platform X has seen an uptick in account hacks, leading to worries about the security of those investing in the coin.

Some observers have pointed to Trump's history of unconventional business ventures, including items like $100,000 watches and an "assassination attempt cologne," as evidence that the $TRUMP coin may not be as credible as it appears. These ventures have caused many to question whether this new cryptocurrency is another gimmick or a legitimate business move.

The announcement of the $TRUMP meme coin sparked a flurry of reactions on social media, especially on X. While many of Trump's loyal supporters cheered the move, others were quick to voice their criticisms.

Brian Krassenstein, a prominent user on X, expressed his displeasure by saying, "He said he'd lower MY egg prices and reduce energy prices by 50 percent but instead launched his own $Trump Crypto coin and instantly made himself and friends USD 20 BILLION, while opening up a channel for massive foreign money laundering to himself and his allies."

On the other hand, Trump's supporters viewed the coin as another way for the former president to capitalise on his brand and celebrate his "winning" mentality.

One user commented "America is back".