President-elect Donald Trump Launches a Cryptocurrency Called $TRUMP, Making Some Investors Big Money Overnight

The token's price surged to more than $33 at one point on Saturday afternoon, with a market capitalization surpassing $6 billion

President-elect Donald Trump's cryptocurrency, $TRUMP, had a banner debut on Saturday, surging to over $25 with a market capitalization of more than $6 billion.

The coin, which is built on the Solana network, saw its price rise nearly 293% since its launch on Friday night. According to CoinMarketCap, the token was trading for about $25 on Saturday afternoon.

The Trump Organization affiliate CIC Digital and Fight Fight Fight LLC collectively own nearly 80% of the coin's total supply, which is subject to a three-year unlocking schedule.

Solana's price also surged on Saturday afternoon, rising by 18%.

The launch of the coin comes just ahead of the incoming president's inauguration on Monday and follows a broader rise in crypto prices throughout 2024 and early 2025.

Crypto investors have largely had a good year, benefitting from catalysts like the approval of spot Bitcoin and Ethereum ETFs and Trump's general support of crypto.

After voicing skepticism about crypto during his last term as president, Trump changed his tune and began to voice support for the crypto industry heading into the final leg of his presidential campaign.

While on the campaign trail, Trump accepted donations in Bitcoin and advocated for establishing a national Bitcoin stockpile.

Many in the industry credit Trump’s support for pushing the price of Bitcoin higher in recent months. As of Saturday afternoon, it sits near the $104,000 mark.

At the inaugural Crypto Ball in Washington, D.C., which also took place on Friday night, David Sacks, Trump's newly appointed crypto and artificial intelligence czar, said, “The reign of terror against crypto is over, and the beginning of innovation in America for crypto has just begun.”

What is a meme coin?

A meme coin is a type of cryptocurrency that draws its inspiration from internet memes, characters or trends. In this case, Donald Trump's re-election and the subsequent hype that followed in the crypto community.

Meme coins are usually created with a sense of humor or wit, often associated more with jokes than any real-world application. The main factors driving the price of the coins are usually not based on hard assets or even underlying cash flow, meaning the price is only driven by what others are willing to pay for it — unlike stocks and bonds.

A disclaimer on the $TRUMP coin’s website states, “Trump Memes are intended to function as an expression of support for, and engagement with, the ideals and beliefs embodied by the symbol ‘$TRUMP’ and the associated artwork, and are not intended to be, or to be the subject of, an investment opportunity, investment contract, or security of any type.”

This statement, however, is in line with the growing popularity and a changing sentiment surrounding meme coins throughout 2024 and into early 2025. Meme coins have been around since the dawn of crypto itself, but their popularity and relatable nature has only continued to be fueled by internet culture and, now, shared belief systems.