Trump Coin ($TRUMP) Skyrockets 300% as Solana (SOL) Marks New All-Time High

It's a matter of hours before Donald Trump is sworn in again as the US president, but at the tip of every degen's tongue is his brand new memecoin, $TRUMP.

As Donald Trump prepares to be sworn in again as the US president in a matter of hours, the tip of every degen's tongue seems to be uttering the name of his brand new memecoin, $TRUMP.

Announced on Friday by the man himself, $TRUMP is designed to celebrate "WINNING" the election.

"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. Go to http://gettrumpmemes.com — Have Fun!" Trump tweeted.

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. Go to https://t.co/GX3ZxT5xyq — Have Fun! pic.twitter.com/flIKYyfBrC

Before long, the price of $TRUMP skyrocketed over 300% by Saturday morning, hitting its highest price yet of $74.50, pushing the memecoin into the top 15 coins by market cap.

The Solana-based memecoin also caused SOL to climb and mark a new all-time high, reaching $292. Leading crypto exchanges Binance and Coinbase have joined in on the fun too, officially listing $TRUMP for their users.

$TRUMP has since slipped to 19th place at a price of $48.88, following the launch of Melania Trump's $MELANIA token. Also built on Solana, $MELANIA jumped 2000% since its inception.

The Official Melania Meme is live!You can buy $MELANIA now.  https://t.co/8FXvlMBhVfFUAfBo2jgks6gB4Z4LfZkqSZgzNucisEHqnNebaRxM1P pic.twitter.com/t2vYiahRn6

According to $TRUMP's website, the memecoin's supply is limited to 200 million, which accounts for just 20% of the 1 billion overall supply.

The remaining 80% will be released over the next three years and are owned by the Trump Organization affiliate CIC Digital LLC – which previously sold Trump-branded shoes and fragrances – and Fight Fight Fight LLC, a company formed in Delaware on Jan. 7.

A disclaimer on the token's website states that $TRUMP is “not intended to be, or to be the subject of, an investment opportunity, investment contract, or security of any type."

Even more interestingly, the word "token" or "coin" is nowhere to be found on the website. Instead, the assets are described as "Trump Memes."

"Trump Memes are intended to function as an expression of support for, and engagement with, the ideals and beliefs embodied by the symbol "$TRUMP," the site states.

Fears of the project turning into a pump and dump are being widely shared online. "The President-elect is literally doing a pump and dump right before our eyes. $TRUMP What the fuck is happening," tweeted one CFA-certified investor.

"Honestly, this is the craziest thing I’ve seen in a long time. I only bought a small amount around $6. Obviously wish I bought more. But please, $TRUMP is quite risky. People made 60-70x gains in 24 hours. So you have to understand they can also just dump," said a self-described "Crypto YouTuber."

The President-elect is literally doing a pump and dump right before our eyes. $TRUMPWhat the fuck is happening

Honestly, this is the craziest thing I’ve seen in a long time. I only bought a small amount around $6. Obviously wish I bought more.But please, $TRUMP is quite risky. People made 60-70x gains in 24 hours.So you have to understand they can also just dump. pic.twitter.com/QBvC18nwDF

Trump is set to make cryptocurrency a central focus of his administration starting on Day One. According to sources familiar with the plans, a Day One executive order will prioritize the development of digital assets as a national policy area and lay the groundwork for a significant regulatory shift in favor of the crypto industry.

The upcoming order is expected to usher in a new era of pro-crypto governance, marking a dramatic pivot from the regulatory stance of the outgoing Biden administration.

While President Biden’s tenure saw increased scrutiny and legal actions against the crypto sector, Trump’s initiative signals a clear shift toward supporting innovation in the digital asset space and positioning the United States as a global leader in crypto policy.