Trump generates $31 billion through the launch of the new official $TRUMP cryptocurrency meme coin.
Days prior to his second inauguration, President-elect Donald Trump announced the launch of a cryptocurrency meme coin that commemorates his reaction to the assassination attempt that occurred in July 2024.
I am extremely proud of what we continue to accomplish in crypto. $Trump is currently the hottest digital meme on earth and I truly believe that @WorldLibertyFi will revolutionize DeFi/Cefi and will be the future of finance. We are just getting started! 🚀🚀 https://t.co/YzdxoCWrKV
— Eric Trump (@EricTrump) January 18, 2025
The $TRUMP meme coin, a form of cryptocurrency, was introduced on Friday evening through posts on Trump's Truth Social platform and on X, formerly known as Twitter. As stated on the coin's official website, gettrumpmemes.com, there are currently 200 million $TRUMP coins available, with intentions to increase this number to 1 billion over the next three years.
The website refers to Trump as "the crypto president," featuring an image of him with "his fist in the air and the iconic battle cry FIGHT FIGHT FIGHT," which he proclaimed following the assassination attempt on July 13, 2024, in Butler, Pennsylvania. In related news, details regarding the potential shutdown of TikTok have emerged, raising questions about the app's future. Meme coins are a category of cryptocurrency typically inspired by internet memes, often drawing from popular culture images or trends.
A notable example is the Japanese dog Kabosu, which became a viral meme in the early 2010s. In 2013, Kabosu was adopted as the mascot for Dogecoin, which gained significant popularity as one of the leading "meme stocks" during the retail trading surge of the COVID-19 pandemic. Notably, Elon Musk altered Twitter's logo to the Dogecoin emblem in April 2023, as reported by CNBC. Trump has appointed Musk and entrepreneur Vivek Ramaswamy to jointly lead the newly established Department of Government Efficiency (D.O.G.E.).
The current trading price of the newly launched Trump meme coin is approximately $31, as reported by crypto exchange GeckoTerminal on Saturday at 1 p.m. ET. Initially, the coin was valued at 18 cents when trading commenced. As of noon on Saturday, the Trump coin boasted a fully diluted valuation of around $31.37 billion and a market capitalization exceeding $6.27 billion. According to Boaz Sobrado, a fintech analyst based in London, "Trump Coin" has rapidly gained traction in the cryptocurrency market, potentially positioning itself as a competitor to Dogecoin within the meme coin sector, as noted in Forbes.com.
Axios reporters Ben Berkowitz and Brady Dale remarked that the remarkable launch of $TRUMP took the industry by surprise, highlighting both Trump's personal influence and the growing prominence of cryptocurrency during his administration. They further indicated that this move could have generated over $25 billion on paper for Trump and his associated enterprises. The coin's website reveals that CIC Digital LLC, an affiliate of The Trump Organization, along with Fight Fight Fight LLC, which is co-owned by CIC Digital, collectively holds 80% of the coins.
These holdings are subject to a three-year unlocking schedule, preventing a simultaneous sell-off, as reported by Axios. Following the announcement of the Trump coin on social media, there were significant concerns regarding the cryptocurrency's legitimacy, according to the Crypto Briefing news site. However, it is believed that the project is likely backed by individuals involved in Trump's "America First Collection" of digital trading cards. Investors should be aware of the inherent volatility associated with cryptocurrencies. Those purchasing the new coin must accept specific terms and conditions, including a clause that prohibits future class action lawsuits, a strategy aimed at mitigating financial risks for the company and its issuers, as reported by Newsweek.
Trump merchandise has expanded to include a diverse array of products such as sneakers, Bibles, NFTs, and now meme coins. This latest addition is part of a broader range of offerings that have featured Trump-branded sneakers, victory cologne, luxury watches—one priced at $100,000—and Bibles. Consumers can purchase Trump coin through the Moonshot app, with the potential for additional cryptocurrency products to emerge during Trump's administration. Paul Atkins, nominated to lead the U.S. Securities and Exchange Commission, is viewed as more favorable towards cryptocurrency than the outgoing Democratic SEC chair, Gary Gensler.
Furthermore, Trump is contemplating the establishment of a strategic reserve of bitcoin, recognized as the first successful digital currency. These cryptocurrency initiatives represent a logical extension of Trump's brand development, which has previously included ventures such as Trump hotels and casinos, as noted by Forbes' Sobrado.
While the introduction of a presidential meme coin may appear groundbreaking, it aligns with Trump's established pattern of leveraging his brand. Sobrado remarked, "The president has consistently shown an aptitude for monetizing his personal brand. The distinction this time lies not in the strategy but in the medium—and, ironically, the regulatory landscape that has facilitated it."
