The $TRUMP coin launched by President-elect Donald Trump on Friday has soared by over 1000% to hover above £59.95 ($73) per token at 4:10 p.m. ET, Sunday
The $TRUMP coin, launched by President-elect Donald Trump on Friday, has seen a remarkable surge of over 1000%, hovering above £59.95 ($73) per token at 4:10 p.m. ET on Sunday. This comes just a day before he assumes office.
The token's fully diluted value (FDV) has pushed the market capitalisation to £59.95 billion ($73 billion).
Trump is reported to have launched the $TRUMP meme coin on the Solana Blockchain while hosting the "Crypto Ball" on Friday, which was organised to celebrate his pro-crypto policies.
He also announced the token rollout on Truth Social and X, formerly Twitter, presenting it as an opportunity for people to join a community that supports his beliefs of "fighting for what matters" to create a successful and optimistic future.
The official website, gettrumpmemes.com, promotes the $TRUMP coin as "the only official Trump meme."
Currently, 200 million $TRUMP tokens are in circulation, which will increase to 1 billion tokens over three years. Moreover, 80% of the token supply is held by Trump Organisation affiliate CIC Digital and a CIC-owned entity called Fight Fight Fight LLC.
While meme coins have often led to investor losses due to high volatility, the three-year unlocking plan ensures that entities affiliated with the Trump Organisation can't dump everything at once but in a staggered manner.
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