In January 2025, President Donald Trump launched a cryptocurrency known as the Official Trump coin ($TRUMP), a meme coin hosted on the Solana blockchain. The initial coin offering (ICO) released 200 million tokens to the public, while two Trump-owned entities retained 800 million tokens for future release over three years.

Following its launch, $TRUMP's price surged by over 300% overnight, reaching a peak market capitalization of nearly $13 billion within two days. However, this rapid growth was short-lived; the coin's value has since declined significantly, with reports indicating that Trump supporters have collectively lost approximately $12 billion due to the cryptocurrency's collapse.

As of March 1, 2025, $TRUMP is trading at approximately $13.08, reflecting a substantial decrease from its all-time high of $74.27.

The launch and subsequent decline of $TRUMP have sparked ethical debates and legislative responses. House Democrats have introduced the Modern Emoluments and Malfeasance Enforcement (MEME) Act, aiming to prevent the president and other senior officials from issuing or sponsoring cryptocurrencies like meme coins.

Despite these controversies, President Trump is set to host the inaugural White House Crypto Summit on March 7, 2025, underscoring his commitment to establishing the United States as a leading hub for cryptocurrency.

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