Within hours of its launch on January 18, Trump's memecoin attracted $3 billion in trading volume and brought $70 million in profit to its first buyers.
Points of attention
- Trump's memecoin $TRUMP made a remarkable debut, attracting $3 billion in trading volume and generating $70 million in profit for its initial investors in just a few hours.
- Trump aims to prioritize cryptocurrency by issuing a separate executive order and establishing a cryptocurrency advisory council, signifying a shift in the US government's stance on the sector.
- The $TRUMP memecoin symbolizes support for President Trump's ideals and beliefs and is not intended for investment purposes. With a starting supply of 200 million tokens, the plan is to increase to 1 billion tokens within three years.
- The launch of $TRUMP demonstrates a departure from the previous administration's scrutiny of cryptocurrencies, marking a new era with Trump's proactive approach to the digital asset space.
- Trump's forthcoming policy decree on cryptocurrencies is set to define them as a national priority and encourage government agencies to collaborate with industry representatives, highlighting the administration's positive outlook on the crypto market.
Trump launches his own cryptocurrency
On the eve of his inauguration, Donald Trump announced the launch of his own memecoin $TRUMP (memcoin is a cryptocurrency created based on memes).
He announced this on the X network on January 18.
My new official Trump meme is here! It's time to celebrate everything we fight for: victory!
Donald Trump
Newly elected US president
The currency's official website states that $TRUMP is the only official meme from President Donald Trump created for the Solana blockchain network. It also notes that Trump memes are intended to "express support for and engage with the ideals and beliefs embodied in the "$TRUMP" symbol and related artwork," and are not intended for investment purposes.
My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR $TRUMP NOW. Go to https://t.co/GX3ZxT5xyq — Have Fun! pic.twitter.com/flIKYyfBrC
— Donald J. Trump (@realDonaldTrump) January 18, 2025
On the first day, 200 million $TRUMP tokens are available for purchase, with the supply planned to increase to 1 billion within three years.
Within hours of its launch, $TRUMP attracted $3 billion in trading volume and reached a market capitalization of $2 billion, CoinDesk writes.
CoinDesk could not find any confirmation of the legitimacy of the Trump meme token as of the morning of January 18. According to analysts, $TRUMP brought $70 million in profit to the first buyers.
Trump is preparing a separate policy on cryptocurrency
US President-elect Donald Trump plans to recognize cryptocurrencies as one of the priorities of his own policy through a separate decree, which will provide considerable preferences to market participants.
According to the publication, the decree will define cryptocurrency as a national imperative, calling on government agencies to cooperate with representatives of this sphere.
In addition, it is planned to create a cryptocurrency advisory council that will represent the political interests of cryptocurrency market participants.
The decree will demonstrate a radical change in the US government's attitude towards cryptocurrencies, which have become the subject of high-profile investigations during Joe Biden's presidency.
