2025-01-19
3 days ahead of his upcoming
inauguration as the 47th President of the United States, Donald Trump has
entered the cryptocurrency market with the launch of his own digital currency, Official
Trump (TRUMP).
The meme coin, released on Jan 17, 2025,
saw its market capitalization skyrocket to $6.6 billion in market capitalization within 2 days, according
to CoinMarketCap.com.
The venture was spearheaded by CIC
Digital LLC, an affiliate of the Trump Organization, in collaboration with
Fight Fight Fight LLC, a company formed earlier this month.
CIC Digital LLC has previously marketed
Trump-branded merchandise, including shoes and fragrances.
Now, the company has ventured into the
volatile cryptocurrency sector with a product designed to capitalize on Trump’s
personal brand and meme culture.
“My NEW Official Trump Meme is HERE!
It’s time to celebrate everything we stand for: WINNING!” Trump announced on
his Truth Social platform, promoting the digital token as a celebration of
resilience and leadership.
Key Details of $TRUMP Launch
Initial Allocation: 200 million
$TRUMP tokens were released at launch, with a total of 1 billion tokens to be
issued over three years.
Ownership: CIC Digital
LLC and Fight Fight Fight LLC control 80% of the tokens.
Trading: The tokens are now available for trading on the Solana blockchain.
A disclaimer on the official $TRUMP
website states that the coin is not intended as an investment opportunity, nor
is it affiliated with any political campaign, government office, or agency.
Mixed Reactions to the Launch
Critics were quick to accuse Trump of
exploiting his position and upcoming presidency for financial gain. “Trump
owning 80 percent and timing the launch hours before inauguration is predatory,
and many will likely get hurt by it,” crypto venture capitalist Nick Tomaino
said in a social media post.
Meme coins like $TRUMP are often linked
to viral trends and movements but lack intrinsic value. Their volatility has
led to skepticism, as speculators frequently drive up prices before offloading
their holdings, leaving late investors to incur losses.
A Shifting Stance on Cryptocurrency
The launch marks a notable shift for
Trump, who has previously expressed skepticism about cryptocurrencies. However,
during a Bitcoin conference in Nashville last year, he stated that under his
leadership, America would become “the crypto capital of the planet.” His sons,
Donald Jr. and Eric Trump, also entered the crypto space with their venture in
2023.
Crypto Industry’s Response
The $TRUMP coin’s explosive debut has
reignited discussions about the future of cryptocurrency regulation under
Trump’s administration.
The Biden administration had ramped up
scrutiny of the sector, citing fraud and money laundering concerns.
Cryptocurrency enthusiasts hope Trump’s
presidency will create a more favorable regulatory environment.
However, the sudden launch of $TRUMP
and its rapid price surge have underscored the risks associated with meme
coins, leaving many to question whether this venture will boost or undermine
investor confidence in the sector.
