President-elect Donald Trump Enters the Cryptocurrency Space with the Launch of the $TRUMP Meme Coin

President-elect Donald Trump has entered the cryptocurrency space with the launch of the $TRUMP meme coin, a Solana-based digital asset marketed as a celebration of his 2024 election victory.

Fresh from announcing plans to build a sprawling cryptocurrency city in Nevada, former US President Donald Trump has launched his own meme coin, $TRUMP, to rally support for his 2024 election campaign. The Solana-based digital asset, which is not affiliated with the Trump Organization, has seen explosive growth in value since its launch.

Announcing the coin on Truth Social, Trump stated: “My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR $TRUMP NOW.”

The promotional graphic for the coin features Trump’s image on the coin with the words “Fight, Fight, Fight.”

According to Binance, $TRUMP has skyrocketed from $0.18 to $22.94 since its launch, marking a 253.75% increase in 24 hours. The coin currently has a market cap of $4.59 billion and a 24-hour trading volume of $5.77 billion.

Initially capped at 200 million tokens, the coin will expand to 1 billion tokens over the next three years. Approximately 80% of tokens are controlled by Trump Organization affiliate CIC Digital LLC and Fight Fight Fight LLC, which will also share in revenue from trading activity.

While Trump is promoting $TRUMP as a celebration of "WINNING" and urging supporters to join the "Trump Community," critics like former White House communications director Anthony Scaramucci are calling it “corruption” and saying it is "bad for the industry." The coin has also faced skepticism due to its association with meme-based assets, which are known for their volatility.

Coinbase has warned that engaging with meme coins carries risk and is something you should only attempt armed with research and experience.

Trump's Impact on Cryptocurrency

Trump’s 2024 election victory had already boosted the crypto market, with Bitcoin crossing $100,000 shortly after Election Day. The global crypto market grew by $1.8 trillion in 2024, including $1 trillion since Trump's win, according to CoinGecko.

As the $TRUMP meme coin continues to make waves, it remains to be seen whether this is a revolutionary step in crypto or merely a campaign strategy. For now, the coin has further ignited the cryptocurrency frenzy.