US President-elect Donald Trump unveiled an official memecoin based on the Solana blockchain called $TRUMP, just a few days before his inauguration for a second term. The announcement, made via Trump's official social media accounts X (formerly Twitter) and Truth Social, caused a stir in the cryptocurrency world.
My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR $TRUMP NOW. Go to https://t.co/GX3ZxT5xyq — Have Fun! pic.twitter.com/flIKYyfBrC
— Donald J. Trump (@realDonaldTrump) January 18, 2025
The post states: "My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR $TRUMP NOW." The launch was met with both a wave of enthusiasm and skepticism, as traders rushed to buy up the coin, leading to trading volumes of hundreds of millions of dollars within hours.
The $TRUMP memecoin has risen rapidly in value, peaking at $23.03 in the latest trading data. DexScreener estimates the market capitalization at $4.28 billion, although this figure takes into account only 200 million tokens currently in circulation, the total supply will reach 1 billion tokens. 80% of them are locked and will be gradually released over three years.
The $TRUMP memecoin is already being called one of the most successful launches of recent times. However, questions remain about its long-term viability and regulatory implications. With Trump taking office, the coin's trajectory may become an indicator of the intersection of the cryptocurrency industry and politics, losing value as the new president's ratings fall.