Trump Launches a Meme Coin on the Eve of His Inauguration - Will You Buy the $TRUMP Coin?
It has already gone up by 17,000%
With the inauguration of Donald Trump as POTUS 47 just hours away, his team appear to have felt the time was right to confirm his stance on blockchain and cryptocurrency, while raising some money in the process.
On January 17, he announced the launch of his new meme coin, $TRUMP, via his Truth Social and X accounts. The announcement was met with a mix of enthusiasm and skepticism, with some speculating that his accounts might have been hacked.
Rumors that $TRUMP is a hoax have been dispelled
The $TRUMP meme coin is built on the Solana blockchain with the initial supply of the coin set at 1 billion units, with 200 million units available immediately and the remaining supply locked up to be released over three years. Initial fears that the announcement was a hoax and that the incoming POTUS had been subject to a complex cyber attack, appears to have been discounted.
Most telling, is that the post on X — owned by Trump’s most high-profile fan, Elon Musk — remains pinned to his Twitter page almost 24 hours later. Analysis carried out by technical specialists also appears to confirm that the coin’s infrastructure mirrors that of Trump’s earlier NFT projects, using similar setups and deployment methods.
$TRUMP to the moon
The value of $TRUMP skyrocketed shortly after its launch. Within hours, the coin’s market cap reached $8 billion, and it continued to climb, hitting $15 billion.
The coin’s price surged by over 300% in the first three minutes of trading, likely spurred on by his many fans and supporters rushing to take an early stake in another of their hero’s projects in much the same way as many MAGA loyalists had reportedly cashed in their life-savings to by shares in Trump Media & Technology Group Corp (DJT) — the media company owning his Truth Social platform during his presidential campaign.
Opportunistic fundraising?
While many crypto-enthusiasts will likely be tempted to take a stake in $TRUMP in the hope of making a quick profit if the price continues to pump, there will be many others who remain skeptical that this is just another scheme by POTUS 47 to make a quick buck.
The really significant takeaway though, appears to be that Trump continued to remain true to at least one of his campaign promises — to encourage the cryptocurrency industry by any means possible.
Will you be taking a stake in $TRUMP?
Note: This article is for informational purposes only. It should not be considered Financial or Legal Advice. Consult a financial professional before making any major financial decisions.