Former US President Donald Trump has launched a new meme coin called ‘TRUMP,’ which saw an immediate and dramatic surge in value after its launch on January 17.
The TRUMP meme coin was created on the Solana blockchain and had an initial total supply of 200 million tokens. It was priced at $0.18 at the start of trading.
However, within a short period, the price of TRUMP surged to a high of $3.7. As of the latest updates, the price reached $7.1, marking an astonishing increase of approximately 4000% from its initial value and resulting in a market capitalization of around $6.8 billion.
One notable trader capitalized on this rapid price increase by purchasing nearly 6 million TRUMP coins for about $1.1 million using USDC (a stablecoin).
Remarkably, within just 90 seconds after making this investment, the value of their holdings skyrocketed to approximately $23 million. This trader has since sold only a small portion of their coins but still retains about 5.43 million TRUMP tokens, yielding them a profit exceeding $20 million.
The explosive launch of TRUMP has not only attracted numerous investors but also sparked discussions regarding potential account thefts and ethical concerns surrounding the distribution of token supply—specifically that 80% is allocated to The Trump Organization and Fight Fight Fight LLC.
The community’s reactions have been mixed; while some users expressed excitement over the coin’s performance, others raised ethical questions about transparency and control.
Social media platforms have been abuzz with commentary regarding the launch. Some users expressed disbelief at how quickly the coin gained traction and questioned why they missed out on such an opportunity.
The introduction of Trump’s memecoin has become both a cultural phenomenon and a polarizing topic within the crypto community. It raises questions about whether it represents genuine innovation or merely serves as another gimmick in an already saturated market.
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