Official Trump (TRUMP) Memecoin Launched, Reached $6B Market Cap Within 24 Hours

The Solana-based memecoin, Official Trump (TRUMP), launched on Jan. 17 and reached a market cap of $6 billion within 24 hours.

A Solana-based memecoin named Official Trump (TRUMP) was launched on Jan. 17, hitting a market cap of $6 billion within 24 hours. The token was unveiled during President-elect Donald Trump’s preparations for his January 20 inauguration. It was launched at a black-tie event called The Crypto Ball in Washington, D.C. The authenticity of the memecoin was confirmed by the Trump family.

Initially, traders were cautious due to several fake tokens, including one created by Martin Shkreli using the ticker DJT. However, the official TRUMP token experienced a surge, reaching a peak of $47.843 before stabilizing. At the time of writing, the token trades at $47.415, with a slight decrease from its recent high. The trading volume reached approximately 424.36K ticks, indicating strong market activity.

The release of the TRUMP token has sparked discussions about how the incoming Trump administration may shape cryptocurrency regulations. Bill Hughes, an attorney from Consensys, described the administration as being poised for significant regulatory adjustments. He said the administration aims to establish rules that encourage growth and innovation in the crypto space while maintaining security priorities. Hughes stated:

“They want a regulatory structure that allows creation and experimentation here. They want growth and see crypto as one way the U.S. can achieve it.”

He added that national security and law enforcement priorities will likely remain consistent with previous policies.

Some legal experts have raised constitutional concerns over the memecoin. Attorney David Lesperance argued that the token may violate the Foreign Emoluments Clause under Article I, Section 9, Clause 8 of the U.S. Constitution. Lesperance explained:

“Given that TRUMP can be easily purchased by foreign individuals or governments, this would appear to be a violation of this clause.”

It is unclear whether Pam Bondi, the incoming U.S. Attorney General, will investigate potential legal violations.

Meanwhile, cryptocurrency analysts on social media expressed varying opinions on the TRUMP token. Some, like ChainLinkGod, praised the token's performance and its potential to generate profits. Others, like Edward Morra, raised concerns about the token's impact on the market.

Social media reactions highlighted concerns about transparency and legitimacy, but the token still gained traction in the market.