The cryptocurrency world is abuzz after President-elect Donald Trump unveiled his meme coin, “TRUMP.”
Since its launch, the token has gained considerable momentum, with major exchanges listing it and trading volumes increasing.
TRUMP Meme Coin shakes up the market
On January 17, Donald Trump unveiled the TRUMP token, and its impact was almost immediate. The memecoin quickly gained traction, with its market capitalization climbing to over $13 billion in 24 hours.
According to CoinGecko, its price jumped over 130%, making it the second largest coin, behind Dogecoin. It has surpassed other notable tokens like Shiba Inu and Pepe in terms of market value. Currently, the token is trading at $63, reflecting its explosive popularity.
The rapid rise of the TRUMP token has attracted the attention of major centralized and decentralized exchanges. Leading platforms such as Binance, Coinbase, Kraken and OKX have already listed it.
Additionally, decentralized exchanges on the Solana blockchain, including Raydium and Orca, have joined the action. This led to record trading volumes on Solana, with Raydium generating more than $25 million in fees and nearly $3 million in revenue in a single day, according to data from DefiLlama.
Beyond market activity, blockchain analytics indicate that the success of the token had a notable financial impact on Donald Trump. Reports suggest that entities associated with him hold a significant portion of the token supply, potentially adding billions to his net worth.
“Donald Trump’s net worth increased by $22 billion overnight, assuming that CIC Digital LLC and Fight Fight LLC, which collectively own 80% of $TRUMP’s supply, are indeed owned by him. At the current price of around $28, that stake is worth $22.4 billion. Forbes estimated the president-elect’s net worth at $5.6 billion as of November 2024. If accurate, adding memecoin’s stake would represent a 5x increase,” Blockchain Intelligence said. reported the Arkham Intelligence platform.
US Coin Rumors Denied
As the TRUMP token attracts widespread attention, rumors of another cryptocurrency project, dubbed USA Coin, have surfaced.
Eric Trump, Donald Trump’s son, has denied any connection between the family and this rumored project. He emphasized that the Trump family remains focused solely on the TRUMP token, seeking to avoid confusion.
“The $USA coin has nothing to do with us,” Eric Trump said on X.
Eric Trump praised the success of the TRUMP token, calling it the most popular memecoin in the world. He also hinted at the future plans of the family’s token and DeFi company, World Liberty Financial, to revolutionize decentralized and centralized finance, positioning it as a transformative force in the financial world.
“Trump is currently the hottest digital meme in the world and I truly believe that WorldLibertyFi will revolutionize DeFi/Cefi and be the future of finance,” added Eric Trump.
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