The announcement quickly made its rounds, but not without raising a few eyebrows. Many users initially wondered whether Trump’s accounts had been hacked, especially since his Truth Social account simultaneously named Peggy Schwinn as Deputy Secretary of Education — with a misspelled name. The bizarre nature of the messages caused confusion, but that didn’t stop the piece itself from making waves.
The $TRUMP surge
In less than three hours, $TRUMP’s market capitalization reached a staggering $8 billion. Trading volumes approached $1 billion and the coin’s value jumped over 300% in just a few minutes. By the time the dust settled, the price of $TRUMP had reached $7.1, up from $0.18 initially. The rise in $TRUMP resulted in huge windfall gains, with one trader making a profit of $20 million in less than an hour. But what exactly is behind this meteoric rise?
The $TRUMP meme coin is inspired by Trump’s rallying cry, “Fight, fight, fight,” which he reportedly shouted after surviving an assassination attempt at a campaign event in Pennsylvania in July 2024.
The token was launched with 200 million coins, out of a total supply of 1 billion which will be released gradually over the next three years. A good portion of 80% of the tokens are owned by CIC Digital LLC, a subsidiary of The Trump Organizationand Fight Fight Fight LLC, which was registered just a few days ago in Delaware.
Skepticism and legitimacy issues
Although $TRUMP’s stunning price gains and market reactions fueled enthusiasm, the project’s legitimacy was called into question.
The meme coin’s official website assures users that it is “not political” and has no connection to any campaign or political office. However, this has not allayed concerns about potential hacks and the company’s overall credibility, especially given the recent increase in account thefts on X.
To add to the strangeness, Trump’s recent business efforts have included everything from $100,000 watches to assassination attempt cologne.
This meme launch follows a long line of Trump-branded products, each more bizarre than the last, including “Trump Guitars,” which had to be removed after a cease and desist order. Gibson. With a story like this, it’s no surprise that crypto enthusiasts are both intrigued and wary.
Ultimately, even though the $TRUMP token has become the talk of the crypto world, its true value and future remain uncertain. Whether it will be remembered as a hilarious foray into the coin space or the next big thing in digital assets remains to be seen. What is clear, however, is that the Trump brand continues to keep things interesting, whether in politics, merchandise, or the world of cryptocurrencies.