US President-elect Donald Trump has launched a meme coin called TRUMP.
He announced it on his official X (formerly Twitter) account
The coin has so far surged 12,000% in 12 hours and is now worth $32 billion.
Twitter accounts indicate that some traders have made huge gains, with a trader going from $50,000 to over $1 million.
Sites like Axios and CNBC confirmed that Trump launched the new coin, and that the Twitter announcement was not a hack.
Trading volumes approached $1 billion while the coin’s value rose by more than 300% within minutes. When the market stabilized, the price of $TRUMP reached $7.1, up significantly from its initial price of $0.18.
The $TRUMP token was built on the Solana network and has a total supply of 1 billion coins, with 200 million available at the start. The remaining amount is scheduled to be issued in stages over the next three years.
Ownership of the token is highly concentrated, with CIC Digital LLC, a subsidiary of the Trump Organization, and Fight Fight Fight LLC, a new company based in Delaware, each owning 80% of it. The token is currently reportedly worth between $17 and $18 per coin.
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