US President-elect Donald Trump has unveiled his own cryptocurrency, called $TRUMP, sending the market into a frenzy. The meme coin’s launch on Saturday saw its market capitalisation skyrocket to nearly billion within hours and soaring to almost $6 billions within hours.
Announcing the coin on his Truth Social platform and X, Trump described $TRUMP as a meme coin, a digital token typically based on a personality, movement, or internet trend. These coins are generally considered speculative and lack economic or transactional value.
The coin’s official website stated, “This Trump Meme celebrates a leader who doesn’t back down, no matter the odds,” referencing an assassination attempt on the Republican leader in July 2024.
Despite the excitement, the crypto community raised questions about the coin’s legitimacy and its true connection to Trump, with some fearing a possible scam. However, reassurance came from Trump’s direct announcements on his verified social media accounts and his past use of CIC Digital LLC, one of the firms behind the project, to sell NFTs.
Its official website revealed that 200 million coins were issued at launch. Fight Fight Fight LLC, the company managing the project, also announced plans to release an additional 800 million coins over the next three years.
Based on current valuations, the remaining coins could be worth an estimated $24 billion.
Trump, who was previously critical of cryptocurrency, shifted his stance during his 2024 presidential campaign. He championed the sector and vowed to reduce regulations to foster its growth.
This announcement follows the October launch of World Liberty Financial, a crypto platform created by businessmen linked to Trump.
However, neither Trump nor Fight Fight Fight LLC has disclosed earnings from the initial batch of $TRUMP coins.