Donald Trump’s new TRUMP coin is instantly gaining traction, massively rewarding traders who purchased the Solana-based token early.
The American president-elect reiterated his admiration for the crypto industry by officially announcing the launch of its meme coin on January 18 despite early skepticism and speculation about a possible hack.
Trump unveiled the official Trump coin in a tweet today, sparking reactions from the crypto community. He noted that the Solana-based token “celebrates everything we stand for,” attaching the meme coin’s address in an accompanying image.
TRUMP surpasses $3 billion market cap in hours
The Trump token immediately gained traction among market participants, who continually imitated the meme coin. This massive buyout caused an explosion in market capitalization and a corresponding rise in prices.
At the time of writing, data from DEXScreener shows TRUMP has surpassed $3.8 billion with a fully diluted valuation (FDV) of $18 billion despite launching less than eight hours ago. The asset’s growing valuation has allowed it to rank among the top 40 cryptocurrencies in terms of market capitalization.
Meanwhile, its price has climbed, bolstered by its total supply of 200 million TRUMPs. At press time, the meme coin is trading at $19.01, up a staggering 9,621% since its several-hour launch.
User has unrealized profit of $104 million
Amidst the buzz, Lookonchain brought to the attention of the crypto community a user who has benefited immensely from the TRUMP token. The on-chain tracker common that the user exchanged 1.1 million USDC for 5.97 million TRUMP immediately after the token was launched.
Data from DEXScreener shows that the portfolio “GQSc2C» purchased the Trump meme coin at an average price of $0.1835 around 03:01 (UTC) today. Although Lookonchain reported that it sold 543,000 TRUMP for $404,000, DEXScreener shows that the wallet still contains 5.97 million TRUMP.
At current prices, the portfolio generates an unrealized profit of $104 million, a staggering 9,354% ROI.
Meanwhile, other users have achieved notable gains from the TRUMP token. For context, 0xSun, the founder of the 0xSun.Sol group, also made over $3.7 million from the meme coin.
Data from Solscan shows that he purchased 999,895 TRUMP with 3,000 SOL at an average price of around $0.6. So far, he has sold 899,895 TRUMPs ($3.115 million) and still holds 100,000 TRUMPs ($1.68 million).
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