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President-elect Donald Trump launched his even coinarousing the enthusiasm of cryptocurrency world which would have left the coin with a market capitalization of $6.8 billion.
The newly elected American president announced that he is introducing his new official meme coin “$TRUMP” to celebrate “WINNER.”
In an article on X On Saturday, he wrote: “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.
The response from the cryptocurrency market has been massive, according to The Age of Cryptowith one trader securing a $20 million windfall within the first hour of the reveal.
The coin’s price reportedly continued to climb after the announcement, rising from $0.18 to a high of $3.70, while $TRUMP currently stands at $7.10. This represents a 4,000 percent increase since inception, with a market capitalization of $6.8 billion.
Solana (SOL) grew the coin, creating 200 million tokens for its launch – although the overall supply will be 1 billion over the next three years.
A trader purchased nearly 6 million $TRUMP coins for around $1.1 million using USDC, according to Lookonchain. Just 90 seconds later, the investment was worth $23 million. They apparently only sold a small number of them, although they own the remaining 5.43 million, giving them a profit of over $20 million.
The launch comes just before the inauguration of Trump and Vice President-elect JD Vance on Monday.
The ceremony was moved inside the Capitol rotunda as frigid temperatures expected in the nation’s capital were expected to mark the coldest moment. inauguration day in four decades.
Meanwhile, the number of Democrats who have reportedly said they will not participate in the nomination continues to rise.
Michelle Obama recently announced that she would not attend the ceremony.