US President Donald Trump's coin now has a market cap of $7 billion, down from its peak of $15 billion
Trump's coin was launched just days before his second inauguration.
The market cap of the coin reached $15 billion at its peak before settling at $7 billion.
Initial trading saw the coin rise to $74.59.
In an unprecedented move that blends politics with the world of digital finance, President-elect Donald Trump has unveiled a new cryptocurrency, $TRUMP, just days before his second inauguration. Launched on Friday, the coin has quickly become a focal point in the cryptocurrency market, highlighting Trump’s affinity for unconventional methods to energize his base and generate global interest.
Bold launch of a digital currency
Trump Coin first appeared in posts by the US president on his social media platform Truth Social, and the X Network (formerly Twitter). Its official website describes it as a digital currency for resilience and a rallying cry following the July 2024 assassination attempt on Trump. The design of the digital coin features Trump with a raised fist and the words “FIGHT FIGHT FIGHT,” a reference to his response to the assassination in Butler, Pennsylvania.
According to the website, the token will be issued in stages, starting with 200 million coins and expanding to 1 billion over the next three years.
First lady Melania Trump also launched a meme coin, $MELANIA, on Sunday, at a price of around $7. The coin also jumped in early trading, topping $13 at its peak before falling below $5.
What are meme coins?
Meme coins inspired by internet trends and memes have gained traction in recent years due to their often speculative and viral appeal. Trump’s foray into the meme coin world is in line with this growing trend, following in the footsteps of Dogecoin, one of the most popular meme-based cryptocurrencies.
Dogecoin, which originated as a joke, gained massive popularity during the trading boom of the Covid-19 pandemic. Tech mogul Elon Musk played a major role in its popularity, even including the Dogecoin logo in Twitter’s branding in 2023.
Notably, Trump has tapped Musk and entrepreneur Vivek Ramaswamy to lead a new government initiative, the Department of Government Efficiency (D.O.G.E.), further cementing his administration’s connection to crypto culture.
Market mania
$TRUMP ’s market debut has been strong. Initially valued at 18 cents, the coin surged to $74.59 on Sunday before settling at $33.88 today, according to crypto tracker CoinGecko. The launch also spurred gains in other digital assets, with Solana hitting an all-time high of $294.33.
The coin has quickly gained traction, hitting a market cap of $7 billion after briefly rising above $15 billion on Sunday.
Despite its success, the currency has faced criticism from experts, who question the blending of political branding and speculative finance. Critics warn of potential conflicts of interest and the risks of unregulated overvaluation in the volatile cryptocurrency market.
Encryption vision in the United States
Trump’s embrace of digital currency is consistent with his stated goal of making the United States a global leader in digital finance. During his campaign, he promised to turn the country into the “cryptocurrency capital of the world,” a vision that resonated with many in the tech and finance sectors.
The market reaction to Trump’s election was massive. Bitcoin surged to over $100,000 in the weeks following his victory, while the global cryptocurrency market added $1.8 trillion in value throughout 2024, $1 trillion of which came after Election Day.
The future of Trump's coin
As Trump enters his second term, the Trump Memecoin symbolizes his unconventional approach to leadership and his willingness to capitalize on evolving trends. Whether the coin will maintain its momentum or gradually fade remains to be seen, but its launch has undoubtedly reshaped the narrative around the intersection of politics and cryptocurrencies as Trump’s unstoppable personality.
