$TRUMP meme coin nears $6 bn in market value ahead of Jan 20 inauguration

Donald Trump has unveiled his latest venture into the cryptocurrency market with the launch of $TRUMP, a meme coin celebrating his presidential election victory and inauguration on January 20. The coin has surged more than 300 per cent, trading just below $29 as of 10:15 am EST Saturday, and achieving a market cap of $5.81 billion, according to CoinMarketCap.

 

In a post on his social media platform Truth Social on Friday, Donald Trump announced, "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." He also shared a link to purchase the meme coin. 

(Photo: X/@realDonaldTrump)

 

The token, developed on the Solana blockchain, debuted with a supply of 200 million coins, with plans to expand to 1 billion over the next three years. An affiliate of the Trump Organisation, CIC Digital LLC, and Delaware-based Fight Fight Fight LLC hold 80 per cent of the unreleased supply, earning revenue from trading activity, according to a report in Forbes.

 

Despite disclaimers on the coin’s website that it is “not intended to be” an investment opportunity or connected to Trump’s political campaign, crypto enthusiasts have flocked to buy it. Trading volume reached $6.64 billion as of Saturday morning.

 

A crypto-friendly presidency

 

Trump’s pro-crypto stance has fuelled market optimism. His victory has driven Bitcoin to new heights, surpassing $100,000 shortly after the November 2024 election. The global crypto market added $1.8 trillion in 2024, including $1 trillion since Trump’s election, per CoinGecko.

 

Trump plans to issue an executive order prioritising cryptocurrency, establish a Bitcoin reserve, and create a crypto advisory council to reduce regulatory hurdles. These policies pushed Bitcoin’s price past $105,000 on Friday, marking its highest value in nearly a month.

 

The $TRUMP coin adds to Trump’s merchandise portfolio, which includes luxury watches, silver coins, limited-edition sneakers, and NFT cards. His ventures have reportedly generated millions, including $7.2 million from NFT licensing fees.

 

Trump inauguration on Jan 20

 

Donald Trump is set to take oath as the US President on January 20. He arrived in Washington Saturday evening to celebrate with family, supporters and political allies ahead of his second inauguration, a triumphant return for the Republican four years after he departed the city under the shadow of an attack by his supporters on the Capitol. It will be the first time since President Ronald Reagan took the oath of office in 1985 for his second term that the ceremony will be moved inside the US Capitol.