The launch of the $TRUMP meme coin sent shockwaves through the financial world, adding an estimated $7.18 billion to President-elect Donald Trump's wealth in a single night. While crypto enthusiasts praised the business acumen behind the move, market watchdogs expressed concerns over potential conflicts of interest.
Donald Trump’s official social media accounts unveiled the new “official meme coin” across platforms, sparking initial speculation that the posts were the result of a hack. However, as the hours passed, links to Trump’s established businesses confirmed the legitimacy of the announcement, leading to a frenzy of activity.
The coin's value skyrocketed to $36 per token, reaching a market capitalization of $7.18 billion as of January 19 at 11:25 AM IST, according to CoinMarketCap. Reports by Fox Business highlighted that the token had surged over 1,000% since its launch.
In September 2024, Trump and his sons, Eric and Donald Jr., launched World Liberty Financial, a digital asset platform focused on decentralized finance (DeFi). This niche crypto sector allows users to trade, lend, and borrow digital assets directly through automated software, as explained in a Bloomberg report.
The buzz around $TRUMP coin has sparked hashtags like #TRUMPOnBinance and fueled discussionsabout its potential impact on the crypto landscape.
