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 official graduate, $ Trump, in a social article on Friday night, claiming that the cryptocurrency is celebrating the “victory” of the presidential elections and their next inauguration.
Shortly after the launch, the Trump value temporarily higher in more than 300% until Saturday morning, and continued to meet on Saturday night and morning on Sunday, before resuming some of their profits later on Sunday .
The digital asset hovered at just over $46 as of 5:25 p.m. EST Sunday, with a market cap of $9.36 billion, according to CoinMarketCap.
The assets, hosted on the Solana blockchain, exceeded $ early Sunday morning, bringing the overall market capitalization of all flowing tokens to a peak of $15 billion.
The meme coin’s developers have limited the supply of $TRUMP to 200 million coins at launch before expanding the overall supply to 1 billion over the next three years, according to the coin’s 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.
The token includes a disclaimer noting that Trump is “not meant to be, nor the subject of” an investment or security opportunity of any kind, and “is not political and has nothing to do” with a 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 girl, Melania Trump, also introduced a crypto asset called $Melania on Sunday, with the president-elect retweeting her announcement. The meme coin is also on the Solana blockchain.
Trump, whose campaign was backed by several billionaires with ties to the cryptocurrency industry, has claimed he wanted the U.S. to become the “crypto capital of the planet.” His election victory sent bitcoin to several new record highs, eclipsing $100,000 within a month of Election Day. Roughly $1.8 trillion was added to the global crypto market’s aggregate market value in 2024, including $1 trillion since Election Day, according to CoinGecko.
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 own corner is his latest asset boost in recent years, adding to a line of perfumes and cologne and “Trump watches” celebrating his election victory. He introduced a series of $100,000 worth of “Trump watches” in September, after the $100 in cash and 1,000 pairs of limited-edition sneakers, $60 from the Trump logo Bible, and NFT CardsArray, most of the source of income Trump earned from his estate I got here from his NFT, which would have earned it about $7. 2 million in licensing costs. The new diversity of guitars signed by Trump sold $11,500 and $1,500 each, respectively, generating combined sales of $4. 6 million.
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