Former U.S. President Donald Trump has entered the cryptocurrency arena with his new meme coin, $TRUMP, sending shockwaves through financial markets.
Announcing the launch late Friday on Truth Social, Trump described the cryptocurrency as a celebration of “WINNING” the presidential election and his upcoming inauguration.
The announcement has ignited a frenzy in the crypto world.
IMAGE CREDIT – https://gettrumpmemes.com/
A Historic Success in Crypto
Since its launch, $TRUMP’s price has skyrocketed by over 300%, reaching nearly $29 by Saturday morning, with a market capitalization of $5.81 billion, according to CoinMarketCap.
The meteoric rise has captured the attention of investors and crypto enthusiasts alike.
The Solana Collaboration
Built on the Solana blockchain, $TRUMP debuted with a limited supply of 200 million coins. Over the next three years, the total supply is set to expand to 1 billion.
An impressive 80% of the tokens remain under the control of CIC Digital LLC, a Trump Organization affiliate, and Fight Fight Fight LLC, a Delaware-based company formed on January 7.
These entities will receive a share of the revenue generated from trading activity, as disclosed in state filings.
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Ripple Effects Across the Market
Solana surges 16% on launch of Trump-themed meme coin, ether falls… Trump’s bold move has impacted more than just $TRUMP. Solana’s native token, SOL, surged by 16% following the announcement, while Ethereum (ETH) saw a slight dip.
Official Website Disclaimer
The $TRUMP website emphasizes that the coin is not intended as an investment or security and is explicitly unaffiliated with any political campaigns or government offices. However, its potential connection to Trump’s political ambitions has sparked widespread speculation.
“This Trump Meme celebrates a leader who doesn’t back down, no matter the odds,” the coin’s official site says.
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Blurring Lines Between Finance and Politics
This move showcases Trump’s ability to merge financial innovation with his political narrative. $TRUMP’s success further underscores his influence in both business and public life.
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Trump’s foray into cryptocurrency with $TRUMP has left a lasting mark on the markets, and all eyes are on its future trajectory. Will $TRUMP continue its explosive growth? The financial and political worlds wait with bated breath!
