Trump Meme Coin Celebrates a Leader Who Doesn't Back Down, No Matter the Odds

"This Trump Meme celebrates a leader who doesn't back down, no matter the odds," says the coin's official site, which makes reference to the assassination attempt

A new meme coin named after former U.S. President Donald Trump has hit the cryptocurrency market with a market capitalization of nearly $6 billion.

Announced by Trump on Friday evening via Truth Social, Telegram and Gettr, the $TRUMP coin saw its value rise sharply after its launch at midnight.

"This Trump Meme celebrates a leader who doesn't back down, no matter the odds," reads the coin's official website, which also makes reference to the assassination attempt against Trump in July 2024.

"Be a part of history in the making. Own a piece of the movement. Collect limited edition digital artifacts," the site adds.

Some members of the crypto community expressed skepticism over the legitimacy of the $TRUMP coin and its actual link to the president-elect, with some fearing a scam.

However, the announcements on Trump's official social media channels seemed to reassure the market, as did the fact that Trump has used one of the companies behind the project, CIC Digital LLC, in the past to sell non-fungible tokens (NFTs).

The company managing the launch, Fight Fight Fight LLC, did not provide details about how much Trump made from the initial batch of meme coins that were released.

According to the coin's official website, 200 million meme coins were issued, and Fight Fight Fight said an additional 800 million would be added over the next three years.

At the current rate, the coins not yet on the market would be worth about $24 billion.

Initially opposed to cryptocurrency, Trump made a sharp about-face during his 2024 presidential campaign, becoming a champion of the concept and promising to develop the sector, notably by loosening regulations.

Before this new announcement, businessmen linked to Trump had in October put online a crypto platform called World Liberty Financial.