The cryptocurrency world experienced a major event on January 17th with the launch of TRUMP, the official meme coin introduced by President Donald Trump. This announcement sent shockwaves through the market, propelling TRUMP to explosive gains.
One trader managed to turn a $1.1 million investment into an eye-watering $23 million within an hour of the reveal, sparking massive interest in the new meme coin.
Trump unveiled his new coin through his social media platform, Truth Social, with a bold declaration: “I introduce my official meme coin ‘TRUMP’.” The coin is being launched on the Solana (SOL) blockchain and will start off with an initial supply of 200 million tokens. However, the total circulating supply will increase to 1 billion tokens over the next three years.
The coin’s price saw an incredible rise almost immediately, skyrocketing from $0.18 to a high of $3.7 following the announcement. At the time of writing, TRUMP is trading at $7.1, up by an astonishing 4000% from its initial value, with a market capitalization now sitting at an impressive $6.8 billion.
The launch of TRUMP sparked a frenzy in the crypto market, and one savvy trader seized the opportunity to make a massive profit. Moving swiftly, the trader purchased nearly 6 million TRUMP coins for around $1.1 million using USDC. In a matter of just 90 seconds, the value of their investment surged, increasing to a jaw-dropping $23 million.
This dramatic increase in value allowed the trader to sell a small portion of their holdings, but they still retain 5.43 million TRUMP tokens, which currently represent a profit of over $20 million. The remarkable trade has generated significant buzz in the crypto community, with Lookonchain tracking the transactions.
While the explosive growth of TRUMP has garnered excitement, concerns about account theft and potential security risks have also emerged. Despite these questions, the price surge and the profit made by the early investor remain the main topics of conversation across the crypto sphere.
With TRUMP’s astronomical rise in value and the $20 million profit made by a single trader, the coin is fast becoming the latest sensation in the meme coin market. As it continues to capture the attention of both veteran traders and newcomers, its future remains uncertain, but it is clear that TRUMP is making waves in the cryptocurrency world.
The market is now watching closely to see how TRUMP will evolve and whether it can maintain its momentum or experience a correction. Whether it’s just another meme coin or the start of something more significant, TRUMP is certainly one to keep an eye on.
