A new meme coin launched by President-elect Donald Trump on Friday has a market capitalization of about $9 billion—after hitting a peak of over $15 billion early Sunday—marking Trump’s latest venture into cryptocurrency and merchandise sales in the lead-up to his inauguration.
Trump announced the launch of his automated medium, $Trump, in a social post on Friday night, that the cryptocurrency celebrates the “victory” of the presidential election and its upcoming inauguration.
Shortly after its launch, the value of $Trump temporarily rose by more than three hundred percent on Saturday morning, and continued to straighten out Saturday night and early Sunday morning, before paring some of its gains later on Sunday.
The virtual asset has surrounded more than $ 46 at 5:25 p. m.
The assets, hosted in the Solana block chain, exceeded the $ Sunday early, carrying the general capitalization of the market of all chips in flow to a peak of $ 15 billion.
The developers of the same corner limited the $ Trump offering to two hundred million pieces in the launch before extending the general offer to 1 billion in the next 3 years, according to the room website.
The remaining 80% of tokens that have yet to be publicly released are owned by the Trump Organization affiliate CIC Digital LLC and Fight Fight Fight LLC, a company formed in Delaware on Jan. 7, according to state filings, and both companies will receive an undisclosed amount of revenue derived from trading activity.
Token’s online page includes a discharge of responsibility that indicates $ Trump “is not intended to be, or the issue of” an investment opportunity or security of any kind, and “is not political and has nothing to do with “No political campaign, political political or government agency.
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$36.15 billion. That’s the trading volume of $TRUMP in the 24 hours ending Sunday at 5:25 p.m.
The first incoming lady, Melania Trump, also presented a cryptographic asset called $ Melania on Sunday, and the president -elect retweeted her announcement. The same is also in the Solana block chain.
Trump, whose crusade received the support of several billionaires with links with the cryptocurrency industry, said he was looking for the United States for the “cryptographic capital of the planet. ” His electoral victory sent Bitcoin to several new records, eclipsing $ 100,000 on election day. According to Coigecko, approximately 1. 8 billion dollars were added to the general market market for global cryptography in the cryptography market in 2024, adding $ 1 billion from the day of the elections.
Trump has said he would use his executive powers to reduce regulatory burdens facing crypto firms, including the formation of a new crypto advisory council. The president-elect has reportedly planned to unveil an executive order declaring cryptocurrency a policy priority while advising government agencies to work with the industry. That 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 over $105,000 on Friday, the coin’s highest price in nearly a month.
Trump’s meme coin is his latest merchandise push in recent years, adding to a line of perfumes and colognes and “Trump Watches” celebrating his election win. He launched a series of “Trump Watches” valued up to $100,000 in September, following the debut of $100 silver coins and 1,000 pairs of limited edition sneakers, $60 Trump-branded bibles and NFT cards. Most of the revenue Trump has received from his merchandise came from his NFTs, which reportedly earned him about $7.2 million in licensing fees. Trump’s latest line of signed and unsigned guitars sold out at $11,500 and $1,500 each, respectively, generating a combined $4.6 million in sales.
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