In a notable development, US President-elect Donald Trump announced, just days before his inauguration, the launch of his “official” digital currency, TRUMP, on the social media platforms X and Truth Social.
Within hours of its debut, the cryptocurrency took the market by storm, registering a fully diluted valuation (FDV) of $16 billion in less than 6 hours. This notable increase also pushed the token’s market capitalization to $4.05 billion, paving the way for one of the most dramatic openings in cryptocurrency history.
Trump’s announcement, shared via a bold post on X, emphasized the coin’s symbolic importance.
“The new official Trump meme is here! It’s time to celebrate everything we stand for: victory! Join Trump’s private community. Get your Trump dollar now. Trump’s official X page chirp Early Saturday. The post also included a link to the official platform to buy the token, adding to its meteoric rise.
The TRUMP token debuted at just $0.05 and rose to $20 within hours, representing an astronomical price rise of 4,850%. Trading volume rose to over $1.7 billion as buyers rushed to capitalize on the hype.
The unprecedented rise of Trump Coin has shaken the meme coin market, displacing several tokens like Pepe and Bonk, and competing with Dogecoin (DOGE) as the top cryptocurrency for memes.
Elsewhere, some early adopters have already reaped extraordinary profits. One investor I turned A $1.09 million investment made $29.8 million in just two hours, while another made $70 million from a $1.1 million purchase.
However, despite the hype, some analysts expressed Fears About 80% of the token supply remains locked. If these locked tokens are issued, they could significantly impact the market, which could lead to increased price volatility.
Meanwhile, the increase in demand has prompted major cryptocurrency exchanges to take action. Prominent platforms have launched spot trading for TRUMP token. Bybit introduced support for TRUMP/USDT perpetual contracts, while Binance followed suit with similar offerings to meet the growing interest.
However, the massive demand for the newly launched TRUMP token confirms Donald Trump’s cryptocurrency-friendly stance, boosting his popularity within the industry.
Notably, the president-elect is preparing to issue an executive order on his first day in office to prioritize cryptocurrencies as a national policy, along with creating a federal advisory board to represent the industry. His administration is also expected to support Bitcoin adoption and possibly fire SEC Chairman Gary Gensler, who has been seen as a stumbling block to the country’s cryptocurrency agenda.
At press time, Trump was trading at approximately $29.06, with a 348% increase in price on the day.