Trump Launches Meme Coin ‘$TRUMP’ Amid Promises of Cryptocurrency Innovation and Support
Donald Trump, the president-elect, has officially announced the launch of a new meme coin named “TRUMP” through his social media channels. “I present my official meme coin, ‘TRUMP,’” Trump shared today on Truth Social, his own social media platform.
According to the token’s dedicated website, gettrumpmemes.com, 200 million TRUMP tokens will be available at launch, with a planned supply increase to one billion over the next three years. The token operates on the Solana blockchain.
The homepage reveals that TRUMP tokens can be purchased directly from the site. It notes that while initially 200 million tokens will be available, the total supply will eventually rise to one billion over three years.
TRUMP’s value skyrocketed to $20 within mere hours of its launch, resulting in a market valuation of $21 billion. This surge attracted cryptocurrency traders, pushing trading volumes into the hundreds of millions.
Concerns about the authenticity of the social media announcements were quelled when both Trump’s X and Truth Social posts remained live for over an hour, despite initial skepticism and confusion surrounding the project due to its resemblance to other celebrity meme coin scams that have surfaced in the past year.
As of this writing, the token has mainly seen an upward trend, with no major declines recorded yet. As Trump prepares for his inauguration, he seems to be strategizing about key policies he aims to implement. Among these initiatives, a strong focus on cryptocurrencies is emerging as one of his priorities.
The president-elect has made several commitments to foster innovation in the blockchain space and democratize cryptocurrency usage, signaling his support for the sector.
Trump plans to issue a presidential directive that will promote cryptocurrency as a national priority and aims to engage industry experts to ensure their voices are heard within his administration. His goal is to maintain constructive relationships between federal entities, such as the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), and the cryptocurrency sector.
The former president enjoys considerable support from the cryptocurrency community, and several crypto-focused firms have made contributions to his inaugural committee. This past Friday, the industry held its “Inaugural Crypto Ball” to celebrate.
As reported by Bloomberg, a major policy shift is anticipated in the cryptocurrency landscape under Trump’s administration following a period of scrutiny during Biden’s tenure, marked by high-profile fraud cases, including the collapse of FTX. In recent years, various federal agencies, including the SEC, have taken over 100 enforcement actions against the cryptocurrency industry, and regulatory hurdles have made collaboration difficult between crypto firms and traditional financial institutions.
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