Donald Trump Launches $TRUMP Memecoin, Gains $40 Billion in Two Days
In an unexpected turn of events, Donald Trump, the elected President of the United States, has amassed a theoretical fortune of approximately $40 billion with the launch of a new memecoin called $TRUMP. The cryptocurrency, designed to rally support for Trump, surged more than 600% in just over two days after its launch on January 19, 2025, the day before he is set to be inaugurated as the 47th President.
Initially, Trump had called cryptocurrencies a scam, but he has since become a staunch advocate. He noted his plans to implement favorable regulations for the crypto sector during his presidency. The memecoin debuted at $10 but skyrocketed to a peak of $72, resulting in a market cap that once exceeded $72 billion. However, as prices fell back to around $50, the market cap stabilized at about $50 billion.
Trump's initiative to create the cryptocurrency was announced via his social media platform, Truth, alongside a vibrant promotional message aimed at his supporters. Despite the explosive growth, there are concerns regarding the ethical implications and potential conflicts of interest given that the asset's launch coincides with his ascension to the presidency.
The $TRUMP tokens are traded on the Solana platform, with 200 million tokens initially available and an additional 800 million set to be issued in the next three years. Notably, 80% of the tokens are controlled by CIC Digital, a subsidiary of the Trump Organization.
Trump's appointments in the regulatory space, including pro-crypto Paul Atkins as head of the Securities and Exchange Commission, indicate a strong leaning towards fostering the cryptocurrency market, which he claims could position the U.S. as a global leader in the sector.
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