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The new cryptocurrency, launched by President-elect Donald Trump, has surged to a value of more than $68 billion, making it the 19th largest cryptocurrency globally.
On Friday, President-elect Donald Trump made a surprising move by launching his first cryptocurrency, a meme coin named $TRUMP. Since its launch, $TRUMP has seen remarkable success, quickly rising to become the 19th largest cryptocurrency on the market. By Sunday afternoon, the coin was valued at over $68 billion, with a price of more than $68 per coin, according to CoinGecko.
Trump’s Involvement with Crypto
This cryptocurrency marks a significant change in Trump’s stance on digital currencies. In the past, the incoming president had criticized Bitcoin, calling it “based on thin air.” However, with the release of $TRUMP, he is entering the world of cryptocurrencies in a bold new way.
In July 2024, Trump made headlines by addressing the largest cryptocurrency convention, signaling his growing interest in the digital currency space. Since then, he has continued to show support for cryptocurrency, including appointing Howard Lutnick—who is a supporter of the cryptocurrency company Tether—to head the US Commerce Department. Lutnick is one of several crypto enthusiasts who have been brought into Trump’s administration.
The Rise of Trump Meme Coins
The $TRUMP coin falls under the category of meme coins, which are a type of cryptocurrency known for their volatility. These coins often gain popularity by capitalizing on internet trends, cultural memes, and notable public figures. According to the official website of $TRUMP, it is marketed as “the only official Trump meme,” celebrating the president’s image.
“Now, you can get your piece of history. This Trump Meme celebrates a leader who doesn’t back down, no matter the odds,” the website reads, highlighting the coin’s branding as a reflection of Trump’s personality and political persona.
As of now, $TRUMP has a circulating supply of 200 million coins, giving it a market value of approximately $13 billion. The coin’s official website also mentions that the total supply will eventually reach 1 billion Trump coins over the next three years, further fueling interest in the cryptocurrency’s long-term growth.
Ownership and Control of the Trump Coin
Although the website claims that the $TRUMP meme coin is not politically affiliated, there are some notable details about the ownership structure of the coin. Approximately 80% of the coin’s supply is held by two entities connected to Trump: CIC Digital and Fight Fight Fight LLC. These organizations are subject to a three-year unlocking schedule, meaning they will not be able to sell their holdings immediately. This restriction is meant to prevent sudden market flooding and ensure the coin’s value remains stable over time.
