United States President Donald Trump recently introduced his official meme coin, dubbed ‘TRUMP,’ on the 17th of January, sparking an incredible response in the cryptocurrency market. In less than an hour after the announcement, one trader managed to secure a windfall of $20 million.
Trump unveiled the new meme coin on his social media platform, Truth Social, with the following message: “I’m introducing my official meme coin ‘TRUMP.’ It can be purchased through the homepage.”
The coin was created on the Solana (SOL) blockchain and had a total supply of 200 million tokens at launch, which will gradually increase to 1 billion over the next three years.
Following the announcement, the price of TRUMP skyrocketed from $0.18 at launch to a peak of $3.7. At the time of writing, TRUMP is trading at $7.1, up an incredible 4000% from its starting price, with a market capitalization of $6.8 billion.
Incredibly, one trader moved swiftly and purchased nearly 6 million TRUMP coins for about $1.1 million using USDC. Within 90 seconds, this trader’s investment had soared to $23 million. So far, they have only sold a small portion and still hold 5.43 million TRUMP, which translates to a profit of over $20 million, according to Lookonchain.
The explosive launch has attracted a massive influx of users, but it has also raised questions about possible account theft. Nonetheless, the price increase of the TRUMP coin and the trader’s profit are dominating discussions in the crypto sphere.
Also Read: Donald Trump Prepares Executive Order to Prioritize Crypto Industry
