A new coin launched by President-elect Donald Trump on Friday reached a market capitalization of $13 billion, marking Trump’s latest venture into cryptocurrency and merchandise sales as his inauguration approaches.
The president-elect’s latest venture into crypto comes just days before his inauguration.
Getty ImagesTrump announced the launch of his meme coin, $TRUMP, in a Truth Social article Friday evening, saying the cryptocurrency celebrated “WINNING” the presidential election and his upcoming inauguration.
The price of $TRUMP quickly rose over 300% on Saturday morning and continued to climb on Saturday evening before reaching just over $65 by midday EST on Sunday, reaching a market cap of 13. $3 billion, according to CoinMarketCap.
The asset, hosted on the Solana blockchain, briefly topped $75 early Sunday morning, bringing the total market capitalization of all tokens in circulation to $15 billion.
The meme coin’s developers limited $TRUMP’s supply to 200 million coins at launch before expanding the overall supply to 1 billion over the next three years, according to the coin’s website.
The remaining 80% of the tokens that have not yet been made public are owned by CIC Digital LLC, a subsidiary of the Trump Organization, and Fight Fight Fight LLC, a company formed in Delaware on January 7, according to Trump filings. ‘State, and both companies will receive an undisclosed amount of revenues from the commercial activity.
The token’s website includes a disclaimer stating that $TRUMP is “not intended to be, nor is it the subject of” an investment opportunity or security of any kind , and is “not political and has nothing to do with” any political campaign, political office or government agency.
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$28.86 billion. This is the trading volume of $TRUMP in the 24 hours ending Sunday at noon.
Trump, whose campaign was supported by several billionaires linked to the cryptocurrency industry, claimed he wanted the United States to become the “crypto capital of the planet.” His election victory propelled bitcoin to several new record highs, eclipsing $100,000 in the month following Election Day. According to CoinGecko, approximately $1.8 trillion was added to the overall market value of the global crypto market in 2024, including $1 trillion since Election Day.
Trump said he would use his executive powers to reduce the regulatory burden facing crypto companies, including by forming a new crypto advisory council. The president-elect reportedly plans to unveil an executive order making cryptocurrency a policy priority while advising government agencies to work with the industry. This order would also establish a bitcoin reserve, allowing the federal government to buy and sell the crypto. News of Trump’s plans for the crypto industry sent the price of bitcoin to over $105,000 on Friday, the coin’s highest price in nearly a month.
The Trump meme piece is his latest merchandise campaign in recent years, adding to a line of perfumes and colognes and “Trump watches” celebrating his election victory. It launched a series of “Trump Watches” worth up to $100,000 in September, following the launch of $100 silver coins and 1,000 pairs of limited-edition sneakers, $60 Trump brand and NFT cards. Most of the revenue Trump received from his merchandise came from his NFTs, which reportedly earned him approximately $7.2 million in licensing fees. Trump’s latest line of signed and unsigned guitars sold for $11,500 and $1,500 each, respectively, generating a combined revenue of $4.6 million.
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