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Donald Trump Launches $TRUMP Meme Coin with $6 Billion Market Cap

Donald Trump Launches $TRUMP Meme Coin with $6 Billion Market Cap

Former President Donald Trump launched a new meme coin, $TRUMP, on Friday, quickly surpassing a market capitalization of $5 billion. This move marks Trump’s latest venture into the realm of cryptocurrency and merchandise sales as he prepares for his upcoming inauguration.

Key Facts

Trump announced the meme coin’s launch via a post on Truth Social, celebrating “WINNING” the presidential election and his forthcoming inauguration. As of 10:15 a.m. EST Saturday, the price of $TRUMP had surged over 300%, approaching $29, with a market cap of approximately $5.81 billion, according to CoinMarketCap.

The meme coin was developed by Solana, a cryptocurrency and blockchain platform, which has initially limited the supply of $TRUMP to 200 million coins. However, the total supply is expected to grow to 1 billion over the next three years. The remaining 80% of the tokens that have not yet been publicly released are held by Trump Organization affiliate CIC Digital LLC and Fight Fight Fight LLC, a Delaware-based company formed on January 7. Both companies will receive an undisclosed share of the revenue generated from trading activity.

The token’s website includes a disclaimer stating that $TRUMP is “not intended to be, or the subject of,” an investment opportunity, nor a security of any kind, and clarifies that it is “not political and has nothing to do with” any political campaign, office, or government agency.

Big Number

$6.64 billion. That’s the trading volume of $TRUMP since its launch as of Saturday morning.

Key Background

Backed by several billionaires with ties to the cryptocurrency industry, Trump has expressed a desire for the U.S. to be the “crypto capital of the planet.” After his election victory, bitcoin prices soared to record highs, exceeding $100,000 within a month of Election Day. According to CoinGecko, approximately $1.8 trillion was added to the global cryptocurrency market’s value in 2024, including $1 trillion since Election Day.

Proposed Crypto Policies

Trump has stated his intention to use executive powers to ease regulatory burdens on crypto firms and establish a new crypto advisory council. He is reportedly preparing to issue an executive order declaring cryptocurrency a policy priority and directing government agencies to collaborate with the crypto industry. This order would also propose the creation of a bitcoin reserve, enabling the federal government to buy and sell the digital currency. News of Trump’s plans has already impacted the market, driving bitcoin prices over $105,000 on Friday, its highest price in nearly a month.

Tangent

The $TRUMP meme coin is part of Trump’s ongoing merchandise expansion, which includes a range of products such as perfumes, $100 silver coins, and limited edition sneakers. His “Trump Watches” collection, launched in September, was valued at up to $100,000. Most of his merchandise revenue has come from NFTs, which reportedly generated about $7.2 million in licensing fees. His latest collection of signed and unsigned guitars sold out for $11,500 and $1,500 each, respectively, collectively bringing in $4.6 million in sales.

Credit: Forbes

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