Days before his second inauguration, President-elect Donald Trump introduced a cryptocurrency meme coin commemorating his response to the July 2024 assassination attempt. The $TRUMP meme coin, a form of cryptocurrency, was unveiled on Friday night through posts on Trump’s Truth Social and X platforms (formerly known as Twitter). The coin’s website, gettrumpmemes.com, states that there are currently 200 million $TRUMP coins available, with plans to reach 1 billion within the next three years.
The site hails Trump as “the crypto president” and the coin depicts the President-elect with “his fist in the air and the iconic battle cry FIGHT FIGHT FIGHT” that he declared following the assassination attempt in Butler, Pennsylvania on July 13, 2024.
Trump took to social media to announce the launch of the new meme coin, calling on supporters to join his “very special Trump Community” and to get their hands on $TRUMP. The coin’s valuation surged from 18 cents at the start of trading to around $31 by 1 p.m. ET the following day, according to crypto exchange GeckoTerminal. The fully diluted valuation of the Trump coin peaked at approximately $31.37 billion, with a market cap exceeding $6.27 billion.
The launch of $TRUMP caused a stir in the cryptocurrency world, positioning itself as a potential rival to Dogecoin’s dominance in the meme coin space. Industry experts and analysts were taken aback by the coin’s rapid success, attributing it to Trump’s influence and the growing prominence of cryptocurrency during his administration.
Ownership of 80% of the $TRUMP coins is divided between CIC Digital LLC, an affiliate of The Trump Organization, and Fight Fight Fight LLC, co-owned by CIC Digital. These holdings are subject to a 3-year unlocking schedule to prevent sudden dumping, as detailed by Axios.
Despite initial skepticism about the credibility of the cryptocurrency, the $TRUMP project has gained significant traction since its launch.
Likely the work of those who assisted with Trump’s “America First Collection” of digital trading cards, the site reported. Investors should be aware that cryptocurrencies can be volatile. Those purchasing the new coin must agree to terms and conditions, including agreeing not to pursue future class action lawsuits. This is a precautionary measure aimed at reducing the financial risk for the company and its issuers, as reported by Newsweek.
Trump’s merchandise offerings have expanded to include a variety of products such as sneakers, Bibles, NFTs, and now meme coins. The latest addition of the Trump meme coin follows a series of previous offerings, including Trump-branded sneakers, victory cologne, high-end watches – with one model priced at $100,000 – and Bibles.
The opportunity to purchase the Trump coin is available through the Moonshot app, and it is anticipated that more cryptocurrency offerings may arise during Trump’s tenure. Paul Atkins, Trump’s nominee to lead the U.S. Securities and Exchange Commission, is perceived to be supportive of cryptocurrencies in contrast to the outgoing Democratic SEC head Gary Gensler.
There are discussions within Trump’s circle regarding the establishment of a strategic reserve of bitcoin, recognized as the pioneering successful digital currency. Trump’s engagement with cryptocurrency ventures aligns with his history of brand-building, which has encompassed ventures such as Trump hotels and casinos, according to Forbes’ Sobrado.
Sobrado highlights that the introduction of a presidential meme coin may appear unprecedented, but within Trump’s framework of leveraging his brand, it follows a familiar pattern. He notes, “The president has consistently demonstrated his ability to monetize his personal brand. What’s different this time isn’t the strategy, but the medium – and ironically, the regulatory environment that made it possible.”
Contributors to this article include Jonathan Limehouse and Bailey Schulz from USA TODAY. Follow Mike Snider on Threads, Bluesky, and X: mikegsnider & @mikegsnider.bsky.social & @mikesnider. Stay updated on the latest trending topics by signing up for our newsletter to receive the day’s top news.
This article was originally published on USA TODAY: Trump meme coin price: Crypto coin nets $31 billion overnight.
