President-elect Donald Trump introduced a new memecoin, $TRUMP, which quickly skyrocketed to a market capitalization of over $10 billion within just an hour of its release.
The announcement came through a tweet posted to Trump’s Truth Social account and his verified X account shortly. Within 60 minutes, the $TRUMP token was trading with an impressive valuation, fueling speculation and excitement across the cryptocurrency space.
“My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR $TRUMP NOW.
While some initially questioned the legitimacy of the memecoin, suspecting it might be a hack, it was soon confirmed that the website promoting the token was associated with the same company behind Trump’s previous NFT projects.
The memecoin launched with an initial supply of 200 million tokens, with plans to scale up to 1 billion tokens. According to the token’s distribution details, 80% of the total supply is reserved for the creator team and CIC Digital. Notably, no tokens allocated to the team will be released before a three-month lockup period.
The timing of the launch is significant, occurring just days before Trump’s inauguration and amid the resignation of Securities and Exchange Commission (SEC) Chair Gary Gensler.
The introduction of $TRUMP also had an impact on the cryptocurrency market. The Solana blockchain, which the token is based on, saw a 6% increase in value following the token’s debut, as fresh investments flowed into the platform. Meanwhile, other cryptocurrencies experienced a slight decline, likely as traders adjusted their portfolios in response to the unexpected token release.
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