Two days from his inauguration as the 47th President of the United StatesDonald Trump shook the cryptocurrency market on Saturday by announcing the launch of his official meme currency: $TRUMP.
Revealing this new currency on his social media platform, Truth Social, Trump wrote: “My NEW official Trump meme currency is HERE! It’s time to celebrate everything we stand for: WINNING!”
According to a report from Economic Times$TRUMP quickly experienced a spectacular rise in its market capitalization, climbing 220% to reach USD 4.25 billion in a matter of hours.
Launched on the Solana network, $TRUMP trading volumes approached USD 1 billion during this period, while the price of the currency exploded, from USD 0.18 to USD 7.10. The token also received massive support on social media platform X, including from Trump supporters.
According to Cryptotimesa trader quickly seized this opportunity by purchasing nearly 6 million $TRUMP for approximately 1.1 million USD. In just a few minutes, this investment was worth 23 million USD.
Reports mention that the $TRUMP token has a fixed total supply of 1 billion tokens. Of these, 200 million are available for initial distribution, while the remaining 800 million will be released in phases over the next three years.
The currency is inspired by Trump’s presidential campaign slogan “Fight, Fight, Fight”, which he notably chanted after surviving an assassination attempt in Pennsylvania in July 2024.
Donald Trump is about to be sworn in as president of the United States on January 20 during a high-profile event in the rotunda of the United States Capitol. The Capital One Arena, a sports venue in central Washington DC, can accommodate 20,000 people.
-Original article written by:
sahil sinha
Published on:
January 18, 2025
Takeaways
- The launch of $TRUMP was accompanied by great initial success on the cryptocurrency market.
- The currency is inspired by notable moments from Trump’s presidential campaign.
- A trader made a windfall by investing in $TRUMP upon its introduction.
This situation places the cryptocurrency market in the spotlight, highlighting how political events can influence economic trends. How big will the impact of this currency be on the dynamics of the cryptocurrency market in the long term? This is a question worth examining by market participants and economic observers.
- Source image(s) : www.indiatoday.in
- Source : https://www.indiatoday.in/world/us-news/story/donald-trump-launches-trump-meme-coin-crypto-traders-2666804-2025-01-18
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