Donald Trump launches $TRUMP meme coin, crypto traders make millions in minutes

Two days ahead of his inauguration as the 47th United States President, Donald Trump on Saturday took the cryptocurrency market by storm after he announced the launch of his official meme coin — $TRUMP.

Unveiling the new meme coin along with a link to purchase it on his social media platform, Truth Social, Trump wrote: “My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING!”

According to a report by Economic Times, the $TRUMP meme coin, soon after its launch, experienced a massive rise in market capitalisation, surging by an astounding 220 per cent to reach USD 4.25 billion within hours.

Launched on the Solana network, trading volumes of $TRUMP soared to nearly USD 1 billion during this period, while the coin’s price skyrocketed from an initial USD 0.18 to USD 7.10. The token also garnered massive support on social media platform X, especially from Trump supporters.

According to Cryptotimes, a trader responded quickly to the opportunity and bought almost 6 million $TRUMP coins for approximately USD 1.1 million. Within a few minutes, the trader’s investment became worth USD 23 million.

As per media reports, $TRUMP token has a fixed total supply of 1 billion tokens. Out of this, 200 million coins are available for initial distribution, while the remaining 800 million will be released in phases over the next three years.

The coin takes its inspiration from Trump’s presidential election slogan “Fight, Fight, Fight”, which he notably shouted after surviving an assassination bid in Pennsylvania in July 2024.

Donald Trump is all set to take oath as the US President on January 20 in a high-profile event at the US Capitol’s rotunda. The Capital One Arena is a sports venue in downtown Washington DC that can hold 20,000 people.