The cryptocurrency $TRUMP (Official Trump), launched by the elected U.S. President Donald Trump, surged in value by over 600% in less than a day. At its inception, the currency was trading at $4.29 per unit. At its peak, by 21:00 (Astana time) on January 18, its price reached $32.61 (a rise of 660%). By 10:30 on January 19, the price climbed to $38.31. The total trading volume exceeded $11 billion.
Donald Trump announced the launch of his own joke cryptocurrency, the meme coin TRUMP, on January 18. In the first hour of trading, the cryptocurrency's market capitalization hit $3 billion.
A meme coin is a cryptocurrency that lacks fundamental value, created for fun, as well as for profit from its price increase. Meme coins often reference internet memes, social trends, or specific events. Frequently, the creators of such cryptocurrencies announce in advance that they do not plan to develop the project, yet users continue to buy meme tokens in hopes of achieving profits in the hundreds or thousands of percent over a short period.
Trump has repeatedly expressed support for cryptocurrencies. Bloomberg reported that the elected U.S. President plans to issue an order designating cryptocurrency as a national priority. The document is expected to include directives for all government institutions to review their policies regarding digital assets and possibly suspend any legal proceedings related to cryptocurrencies, the agency stated.
During the election campaign, Trump promised to make the U.S. the "crypto capital of the world." "If cryptocurrency is going to define the future, I want it to be mined, minted, and produced in the U.S.," he said.