Trump has launched his own cryptocurrency called Trump.
A few days before his inauguration, Donald Trump announced on social media – through his accounts on platforms X and Truth Social – the launch of the official meme coin $TRUMP.
Attached to the posts are links leading to the Trump Meme website, where the asset can be purchased. Currently, 200 million coins are available, with plans to increase the total to 1 billion over the next three years.
Cryptotimes reports that this event has sparked significant interest within the cryptocurrency community. The token was launched on the Solana blockchain and saw its value rise by more than 4000% in the first hour.
The cryptocurrency's market capitalization now exceeds $4 billion. At launch, one coin was valued at around $6. As of 11:00 PM, the price per unit has surpassed $25.
“It’s time to celebrate everything we stand for: VICTORY! Join my very special Trump community,” Trump wrote on social media.
Yesterday, Bloomberg sources revealed Trump’s plans to declare cryptocurrency policy a national priority. This means that government agencies will collaborate with the industry, and a specially created advisory board will promote its interests.
Trump has repeatedly expressed his support for cryptocurrency. A pivotal moment was his meeting with cryptocurrency mining market representatives in June 2024, according to Forbes. Following that meeting, Trump stated on his social media platform Truth Social that all bitcoins, in his opinion, should be mined in America.
Coindesk notes that Trump has thus become the first candidate to support the crypto industry.
In this context, after Trump's victory in the presidential elections, Bitcoin has repeatedly set new historical price highs, exceeding $100,000.
Meme coins are crypto tokens created as a joke or meme, offering substantial profits to their holders.
A meme coin is the crypto equivalent of memes and emerged as a cheaper alternative to Bitcoin. The first meme coin, Dogecoin, was based on the famous Shiba Inu meme. In addition to Dogecoin, other popular meme coins include Dogelon Mars, Shiba Inu, Floki Inu, and Samoyedcoin.