Trump Launches $TRUMP Meme-Coin Developed on Solana Platform
A few days before the presidential inauguration, Donald Trump launched his $TRUMP meme coin, created on the Solana (SOL) network by Ukrainian co-developer Anatoliy Yakovenko. In less than 24 hours, the coin reached a staggering market capitalisation of $4.8 billion and a fully diluted valuation of $24.3 billion.
Trump introduced the $TRUMP token via his Truth Social platform, where he announced: ‘My NEW official Trump meme is HERE! It's time to celebrate everything we stand for: WINNING!’
The announcement quickly gained traction, and Trump urged followers to grab the tokens through his official website before the 48-hour claim window closed.
TRUMP is potentially positioning itself as a competitor to Dogecoin in the meme coin ecosystem.
The $TRUMP token is capped at a total supply of 1 billion coins, with an initial release of 200 million. The remainder will be distributed over the next three years. Despite the token's widespread attention, the ownership of $TRUMP remains highly concentrated. Approximately 80% of the coins are held by CIC Digital LLC, a subsidiary of the Trump Organisation, and Fight Fight Fight LLC, a newly established company based in Delaware. The token’s value ranged between $17 and $18 during early trading.
After the announcement, the price of TRUMP rose significantly from $0.18 to a high of $3.7. Currently, TRUMP is worth $7.1, which is 4000% more than at the start with a market capitalisation of $6.8 billion.
One trader reacted quickly and bought almost 6 million TRUMP coins for about $1.1 million using USDC. Within 90 seconds, this trader's investment was worth $23 million. So far, he has only sold a small portion, but still has 5.43 million TRUMP on hand, giving him a profit of over $20 million, according to Lookonchain data.
The explosive launch has attracted the attention of many users, but it has also raised questions about account theft. Nevertheless, the rise in the TRUMP coin price and trader profits are the main topics of discussion in the crypto sphere at the moment.