- On January 17, President-elect Donald Trump took to X and Truth Social to unveil his first Solana-based meme coin, aptly named $TRUMP.
- Upon its launch, TRUMP debuted with an initial supply of 200 million tokens, with plans to gradually increase the total supply to 1 billion tokens over the next three years.
The United States’ 47th president-elect Donald Trump a vocal advocate for cryptocurrency, has launched his first official meme coin, TRUMP. The announcement was made on his social media accounts, beginning with a post on Truth Social that read:
My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community.
Shortly after, Trump posted the same announcement on X, amplifying the buzz surrounding the launch.
Notably, TRUMP is built on the Solana blockchain (SOL) and debuted with an initial circulating supply of 200 million tokens. However, the total supply is planned to reach 1 billion over the next three years. The coin’s launch sparked a frenzy of trading activity, with one trader reportedly earning $20 million within the first hour.
A Meteoric Price Surge
TRUMP’s launch set off a trading frenzy, causing its price to skyrocket from an initial $0.18 to a staggering $3.70 shortly after. Within just 30 minutes of its launch, the coin’s market capitalization had already reached an impressive $1.2 billion. At the time of writing, TRUMP is trading at $13.10, marking an astronomical 4,000% increase from its launch price. This surge has now propelled the coin’s market capitalization to an astounding $ 2.7 billion.
The ripple effects of the launch extended beyond the meme coin. Solana has seen a 9.56% increase in the last 24 hours, with its price climbing to $232, a reflection of the project’s impact on the broader crypto market.
As with any high-profile crypto launch, TRUMP’s debut was met with skepticism. Concerns over possible account hacks or a potential pump-and-dump scheme, often associated with celebrity-backed meme coins, surfaced quickly.
However, further scrutiny helped quell many doubts. The official TRUMP website mirrors the design of Trump’s previous NFT collections, and the project is attributed to CIC Digital, the same entity behind those earlier ventures. Notably, blockchain engineer Cygaar highlighted that the website’s deployment matched Trump’s established digital branding patterns, adding credibility to the project. Still, some crypto commentators, like JRNY Crypto, raised questions about the lack of official confirmations from Trump’s advisors beyond social media posts.
The timing of the announcement is particularly significant, as it comes just days before Trump’s January 20 inauguration, with reports suggesting that one of his first presidential actions will be signing an executive order to prioritize cryptocurrency as a national focus.
This directive includes requiring all government agencies to review and align their policies on digital assets, implementing a temporary pause on legal disputes involving major cryptocurrency firms like Binance and Ripple Labs, and establishing a national Bitcoin reserve to consolidate the U.S. government’s existing 200,000 BTC holdings.
