The 'Official Trump' ($TRUMP) meme coin, issued ahead of the official inauguration of Donald Trump as the President of the United States, has surged.
A meme coin named 'Official Trump' ($TRUMP) was issued ahead of the official inauguration of Donald Trump as the President of the United States, and it has surged since then. Solana, which forms the basis of the Official Trump ecosystem, also hit an all-time high.
As of 7 a.m. on the 20th, Solana was trading at $273 on CoinMarketCap, a global coin market reporting site, up 9.41% from 24 hours ago. Earlier, Solana had surged to $275, marking an all-time high. Solana's trading volume, which was only $3 billion the previous day, skyrocketed to $26 billion. Its market cap also jumped to 5th place.
Meme coins are speculative cryptocurrencies created based on parodies or jokes without intrinsic utility. Official Trump, also known as 'Trump Coin', was issued on the 17th ahead of Trump's official inauguration. It surpassed a market cap of $10 billion within a day of issuance, becoming the second-largest meme coin by market cap.
At the same time, Trump Coin rose 103% to $53.67, compared to 24 hours ago. The previous day, it had surged about 900% to $44.
President-elect Trump pledged to become a "pro-cryptocurrency president" during last year's election. When Trump Coin appeared, he stated on his social networking service (SNS), "Celebrate everything we support 'victory'" and encouraged people to "join the very special Trump community and acquire 'Official Trump'."
According to the Trump meme coin's website, 80% of the coin's circulation is held by two affiliates of the Trump Organization, where Trump's second son, Eric Trump, serves as executive vice president.
Therefore, a significant portion of the profits from the coin's price increase is expected to accrue to the Trump Organization. However, some point out that it is inappropriate for President-elect Trump to issue meme coins, citing potential conflicts of interest. The Wall Street Journal (WSJ) mentioned the possibility of foreign governments or companies wanting to influence the U.S. by purchasing the coin to win Trump's favor.
The issuer of Trump Coin announced that approximately 200 million coins have been issued so far, with an additional 800 million to be issued over the next three years. They also stated, "This Trump meme commemorates a leader who never backs down in the face of adversity."
Kim So-yeon Hankyung.com reporter sue123@hankyung.com
