In an unexpected twist in the cryptocurrency world, President-elect Donald Trump has launched a meme coin named $TRUMP, which surged to a $9 billion market cap almost immediately. Introduced on Truth Social, the coin celebrates Trump’s upcoming second term and showcases his commitment to leveraging digital assets.
The coin, trading on the Solana blockchain, peaked with a $15 billion market cap before stabilizing at approximately $46. Designed with a potential future supply increase, 80% of $TRUMP is held by Trump-related entities and Fight Fight Fight LLC, indicating significant insider control.
Despite disclaimers on its investment potential, the $TRUMP coin’s launch has significantly impacted the crypto market, with a 24-hour trading volume reaching $36.15 billion. Additionally, Melania Trump has released her own meme coin, $MELANIA, gaining public support from Trump.
This move comes amid a crypto market rally post-Trump’s election win, with Trump expressing desires to deregulate the crypto sector and establish the U.S. as the crypto capital. These intentions include easing regulations for crypto businesses and forming a crypto advisory board.
The introduction of $TRUMP adds to Trump’s range of branded merchandise, blending political influence with cryptocurrency’s speculative nature. As it navigates regulatory and market scrutiny, the $TRUMP meme coin represents a new chapter for political branding in the digital age.
