Top line
A new coin launched by President-elect Donald Trump on Friday has a market capitalization of about $9 billion, after reaching a peak of more than $15 billion early Sunday, marking Trump’s latest adventure in the field of cryptocurrency and the sale of merchandise as his inauguration approaches. .
The president-elect’s latest venture into crypto comes just days before his inauguration.
Key facts
Trump announced the launch of his meme coin, $TRUMP, in a Truth Social job Friday evening, saying the cryptocurrency was celebrating “WINNING” the presidential election and its upcoming inauguration.
Shortly after its launch, the price of $TRUMP quickly rose by over 300% on Saturday morning, and it continued to rebound Saturday evening and early Sunday morning, before paring some of its gains later on Sunday.
The digital asset was hovering at just over $46 as of 5:25 p.m. EST on Sunday, with a market cap of $9.36 billion, according to at CoinMarketCap.
The asset, hosted on the Solana blockchain, briefly topped $75 early Sunday morning, bringing the total market capitalization of all tokens in circulation to a high of $15 billion.
The meme coin’s developers limited $TRUMP’s supply to 200 million coins at launch before expanding the overall supply to 1 billion over the next three years, according to the coin’s manager. website.
The remaining 80% of the tokens that have not yet been made public are owned by CIC Digital LLC, a subsidiary of the Trump Organization, and Fight Fight Fight LLC, a company formed in Delaware on January 7, according to Trump filings. ‘State, and both companies will receive an undisclosed amount of revenues from the commercial activity.
The token’s website includes a disclaimer stating that $TRUMP is “not intended to be, nor is it the subject of” an investment opportunity or security of any kind , and is “not political and has nothing to do with” any political campaign, political office or government agency.
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Large number
$36.15 billion. This is the trading volume of $TRUMP in the 24 hours ending Sunday at 5:25 p.m.
Is Melania Coin related?
Melania Trump, new first lady also launched on Sunday, a crypto asset called $MELANIA, and the president-elect retweeted her announcement. The meme coin is also based on the Solana blockchain.
Key context
Trump, whose campaign was supported by several billionaires linked to the cryptocurrency industry, claimed he wanted the United States to become the “crypto capital of the planet.” His election victory propelled bitcoin to several new record highs, eclipsing $100,000 in the month following Election Day. According to CoinGecko, approximately $1.8 trillion was added to the overall market value of the global crypto market in 2024, including $1 trillion since Election Day.
What crypto policies has Trump proposed?
Trump has said he would use his executive powers to reduce regulatory burdens facing crypto companies, including the formation of a new crypto advisory council. The president-elect has would have planned to unveil an executive order declaring cryptocurrency a policy priority while advising government agencies to work with the industry. This order would also be establish a reserve of bitcoins, allowing the federal government to buy and sell the crypto. News of Trump’s plans for the crypto industry sent the price of bitcoin to over $105,000 on Friday, the coin’s highest price in nearly a month.
Tangent
Trump’s meme piece is his latest merchandise campaign in recent years, addition to a line of perfumes and cologne and “Trump watches” celebrating his election victory. It launched a series of “Trump Watches” worth up to $100,000 in September, following the launch of $100 silver coins and 1,000 pairs of limited-edition sneakers, $60 Trump brand and NFT cards. Most of the revenue Trump received from his merchandise came from his NFTs, which would have earned him approximately $7.2 million in licensing fees. Trump’s latest line of signed and unsigned guitars sold for $11,500 and $1,500 each, respectively, generating a combined revenue of $4.6 million.