In a surprising move that caught cryptocurrency markets off guard, President-elect Donald Trump ventures into the digital asset space with his own token.
According to Fox Business, Trump's new cryptocurrency token, $TRUMP, has achieved remarkable success within its first 24 hours of launch, surging to become one of the top 30 cryptocurrencies globally with a market capitalization exceeding $5 billion.
The announcement came via Trump's Truth Social and X accounts on Friday night at 9:45 p.m. ET, coinciding with the inaugural Crypto Ball celebration in Washington, D.C. The timing of the launch was particularly notable, occurring just days before Trump's scheduled inauguration on Monday and strategically coinciding with SEC Chairman Gary Gensler's final day in office.
The $TRUMP token's meteoric rise saw its value skyrocket from mere cents to $33.87 within the first 24 hours, representing an astronomical gain of over 18,000%. Though the price later stabilized around $26, the token's impressive market performance has already generated significant returns for early investors, with one trader turning $150,000 into $1.1 million and another converting $800 into $310,000.
Trump announced the token through a social media post that read:
My NEW Official Trump Meme is HERE! It's time to celebrate everything we stand for: WINNING! Join my very special Trump Community.
The launch event gathered notable figures from the cryptocurrency industry, including platform CEOs, politicians, and several of Trump's incoming Cabinet members. Donald Trump Jr.'s presence in an exclusive VIP section during the announcement added to the evening's significance.
The token's ownership structure reveals that Trump Organization affiliates CIC Digital LLC and Fight Fight Fight LLC collectively control 80% of the circulating supply. This concentration of ownership has sparked discussions about potential regulatory scrutiny, particularly from crypto industry critics like Senator Elizabeth Warren.
The launch comes as Trump positions himself to be the most crypto-friendly president in history, promising to reverse the regulatory restrictions implemented during the Biden administration. This stance has already attracted substantial support from the cryptocurrency industry, though some critics view the token launch as an opportunistic financial move.
Major cryptocurrency exchanges have responded swiftly to the launch, with Kraken already listing the token for trading. However, Coinbase's position on listing the token remains uncertain, adding another layer of intrigue to the developing situation.
The timing of Trump's cryptocurrency launch appears carefully orchestrated, coinciding with significant changes in regulatory leadership. The departure of SEC Chairman Gary Gensler, known for his strict oversight of digital assets, and his replacement by Trump's choice, Paul Atkins, signals a potential shift in cryptocurrency regulation.
Frank Chaparro, director of special projects at crypto publication The Block, offered his perspective:
Whether you agree with the move or not, the fact of the matter is that the leader of the free world just essentially put his stamp of approval on Solana and on meme culture.
The mixed reception from the cryptocurrency community reflects broader debates about the intersection of politics and digital assets. While some celebrate the move as a catalyst for mainstream adoption, others express concern about the potential implications for market stability and regulatory oversight.
President-elect Donald Trump's launch of the $TRUMP meme coin represents a significant moment in cryptocurrency history, marking the first time a U.S. president has directly entered the digital asset space. The token's remarkable market performance and Trump's promises of crypto-friendly policies suggest potential shifts in the regulatory landscape. As Monday's inauguration approaches, the cryptocurrency community watches closely to see how this unprecedented merger of presidential influence and digital assets will reshape the future of financial markets.
