President-elect Donald Trump recently made headlines by launching his first cryptocurrency, a meme coin called $TRUMP. This digital currency has quickly gained popularity and is now ranked as the 19th largest cryptocurrency in the market.
As of Sunday afternoon, $TRUMP was trading at just over $68 and had a market value exceeding $68 billion, according to CoinGecko. This move marks a significant shift for Trump, who had previously criticized bitcoin as being 'based on thin air.'
In a surprising turn of events, Trump addressed the crypto community at a major convention in July 2024 and has appointed Howard Lutnick, a supporter of the cryptocurrency company Tether, to lead the US Commerce Department. Lutnick is one of several crypto enthusiasts chosen to be part of Trump's upcoming administration.
The $TRUMP meme coin's website proudly proclaims itself as 'the only official Trump meme.' Meme coins, known for their high volatility, often draw inspiration from internet trends and cultural phenomena.
With a circulating supply of 200 million coins, the market value of $TRUMP is capped at $13 billion, as reported by CoinMarketCap. The website also reveals plans to release a total of 1 billion Trump coins over the next three years.
While the meme coin claims to be politically neutral, it is worth noting that 80% of the coin's supply is held by Trump Organization-affiliate CIC Digital and Fight Fight Fight LLC. Both entities are subject to a three-year unlocking schedule, preventing them from selling off their entire holdings at once.
Investors and cryptocurrency enthusiasts alike are closely monitoring the developments surrounding $TRUMP as it continues to make waves in the digital currency space.
