Trump Meme Coin Rallies 2,634% as Market Cap Hits $2B, Minted By Republican Linked to Capitol Riot

Prices ran from few cents to $14 in less than six hours amid widespread confusion on whether the token was actually backed by Trump or was a possible hack.

A memecoin linked to Republican Donald Trump was issued in early Asian hours Saturday from his verified X and Truth Social accounts, sparking a frenzy among crypto traders.

Prices for the “official” token, which appeared to be listed on decentralized exchanges (DEXs) within hours, ranged from few cents to $14 in less than six hours amid confusion on whether it was actually backed by Trump or was a possible hack of his account.

CoinDesk could not independently confirm if the token was legit or not as of early European hours Saturday.

The token — which is viewed with scepticism among some traders — has attracted $3 billion in trading volumes hours after going live and commands a $2 billion market capitalization at current prices. It has netted early buyers over $70 million in paper gains, and smaller traders as much as $1 million, onchain data shows.

The apparent move comes days before Trump takes office on Jan.20, and is the first time a sitting president will give their liking to a memecoin. It’s the latest in a long list of crypto-related businesses and products linked to Trump — with the Republican having previously issued multiple NFTs and the relatively new decentralized finance platform World Liberty Financial.

“My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING!,” an X post from the @realDonaldTrump account reads. “Join my very special Trump Community. GET YOUR $TRUMP NOW. Go to http://gettrumpmemes.com — Have Fun!”

The X post went up on 2:44 UTC Saturday and has stayed up until after 8:15 UTC. It was initially perceived to be