Donald Trump has shocked the crypto community in recent hours with the launch of the "Official Trump Meme" token, now boasting over $4 billion in market capitalization.
Trump’s New Memecoin
Without any prior warning, just days before his inauguration at the White House, Donald Trump announced the launch of a new memecoin on Solana. Barely time to process the news, the token has already surpassed a $4 billion market cap, overtaking some well-known competitors.
We’re talking about Official Trump ($TRUMP), which aims to be the only true “official” memecoin of the newly elected U.S. president.
Some investors, in the hours following the announcement, initially thought Trump’s social media accounts had been hacked, but it was later revealed that the project is associated with the same entity behind Trump’s NFT collections, CIC Digital LLC.
The token’s distribution plan involves making 200 million $TRUMP available on day one, with supply expected to grow to one billion over the next three years.
A “Crypto” President
From being a skeptic of the crypto world, Trump now seems to have fully embraced the sector, even betting on memecoins. After all, he had proclaimed himself the “crypto president” during his election campaign and can’t backtrack now.
Following his endorsement of Bitcoin as a valuable asset with potential as a “national reserve,” came the launch of the DeFi World Liberty Financial project, and now the president seems to have completed his “exposure” to various crypto subsectors.
It will be interesting to see how existing tokens linked to Trump will react. Over the past week, these Trump-themed tokens had performed strongly, only to plummet in recent hours following the launch of $TRUMP.
What do you think? Let me know in the comments!
By Gue22 🚀⚡