KeyTakeaways:
$TRUMP meme coin reached $6 billion in market value within hours of launch. Melania Trump followed her husband with the release of $MELANIA meme coin. Trump’s increasing engagement with cryptocurrency reflects his evolving stance on digital assets.
President-elect Donald Trump unveiled his cryptocurrency, $TRUMP, igniting excitement across the crypto community.
The coin, launched via Trump’s Truth Social platform and X, has been designed to capitalize on the success of meme coins, which often thrive on viral trends and internet personalities.
The announcement immediately attracted a flurry of buying activity, sending the coin’s market capitalization to $6 billion by mid-Saturday.
Building on her husband’s launch, Melania Trump revealed her own cryptocurrency, $MELANIA, on Sunday. This move further fueled the growing trend of celebrity-backed meme coins. Like its counterpart, the $MELANIA coin is available for purchase with debit cards or cryptocurrency.
Despite their speculative nature, meme coins lack real economic or transactional value. However, they have gained considerable attention due to their association with high-profile figures.
Crypto Community Responds to the $TRUMP Coin’s Rapid Growth
Following the launch, many in the crypto community raised concerns about the legitimacy of the $TRUMP coin. Questions emerged regarding the coin’s connection to the president-elect and the potential for a scam.
However, reassurances came from the use of Trump’s official social media channels for the announcement and the involvement of CIC Digital LLC, a company Trump has previously worked with for NFT sales.
By Saturday morning, the $TRUMP coin’s market cap had skyrocketed. A total of 200 million coins were initially issued, and 800 million more were to be released over the next three years.
Trump’s Growing Influence in the Crypto Space
This marks a shift for Trump, who was once a vocal critic of cryptocurrency. He has embraced digital assets and expanded his reach into the crypto world. Trump’s sons, Donald Jr. and Eric, have also launched their own crypto venture, World Liberty Financial.
Last year, during a Bitcoin conference in Nashville, Trump promised to make America the “crypto capital of the planet.” The meme coin launch is part of his effort to tap into new business opportunities and capitalize on trends.
