By bigbreakingwire 
Donald Trump recently launched his own cryptocurrency, $TRUMP, on Truth Social, celebrating his “WINNING” presidential election and upcoming inauguration. By Saturday morning, the price of $TRUMP had skyrocketed over 300%, reaching more than $65 by Sunday noon, giving it a market cap of $13.3 billion. In just 36 hours, $TRUMP surged over 28,000%, outpacing the S&P 500’s return over the last 54 years.
The coin, based on the Solana blockchain, briefly hit $75 early Sunday, bringing its market cap to $15 billion. With over 781,000 wallets holding $TRUMP, the coin has attracted massive attention, including six wallets valued at over $600 million. Trump’s stake is currently worth $55.4 billion, and if $TRUMP hits $550, he could become the richest person globally, assuming he can sell his tokens without affecting the price.
The coin’s initial supply is capped at 200 million, with plans to expand to 1 billion over the next three years. The Trump Organization’s affiliate companies, CIC Digital LLC and Fight Fight Fight LLC, own 80% of the remaining tokens. These companies will receive a share of the revenue from trading activity, though the project’s website stresses that $TRUMP is not a political asset or investment opportunity.
Just after Trump’s success, Melania Trump launched her own memecoin, $MELANIA, which led to a sharp decline in the value of $TRUMP. Following the announcement, $TRUMP’s price dropped over 40%, erasing more than $5 billion from its market cap. It was perceived as a competitor to $TRUMP, and after Donald Trump reposted the announcement, $TRUMP fell by 55% in a matter of minutes. Buyer demand for $TRUMP collapsed as sellers surged, with $352 million in seller volume compared to only $245 million in buyer volume.
This selling pressure caused the price to plummet, while the Solana blockchain itself dropped by nearly 20%. In total, over $10 billion in market value was wiped out across all memecoins. Despite this, $TRUMP has slightly recovered, with its value now at around $53, up 76% from its lowest point.
In the meantime, Melania’s $MELANIA coin surged to new heights, climbing over 24,000% and reaching a record high of $13. The Fully Diluted Value (FDV) of $MELANIA is now $13 billion, and combined with $TRUMP, the two coins boast an FDV of $60 billion.
CIC Digital, an affiliate of the Trump Organization, organized the sale of the Trump meme coin. Initially priced at $10 per coin, its value surged to $70 by Sunday morning. However, the rally was brief, as the coin’s value plummeted later that day after posts from Donald and Melania Trump promoting a different token, the “Melania coin.”
Additionally, Trump’s crypto platform, World Liberty Financial, has purchased three new domain names, including trumpcoin.eth, erictrump.eth, and barrontrump.eth.
The Trump meme coin’s website portrays the token as a symbolic show of support rather than a financial investment. Despite this, traders flocked to it, hoping to profit from its swift price fluctuations. The coin is part of a plan to issue one billion tokens over the next three years, with 200 million already in circulation. According to the website, CIC Digital and its partner company control 80% of the tokens and are entitled to revenue from trading activities.
Understanding Meme Coins
Meme coins are a unique segment in the cryptocurrency world, often starting as humorous or satirical projects with no inherent value. However, their prices can soar if they gain traction, fueled by social media trends and speculative trading. Dogecoin, originally a joke, is a prominent example of how a meme coin can gain widespread attention and significant value.
Update
Donald Trump’s memecoin, $TRUMP, has surged back above $64, climbing over 110% from its low following the Melania coin launch. It’s now up 12,800% since its debut on Friday night. This spike comes after Robinhood officially listed $TRUMP on its exchange, adding $2.5 billion to its market cap.
Update
Donald Trump’s memecoin, $TRUMP, has dropped by more than 30% following his inauguration remarks, which did not address crypto or memecoins.
Over $3.5 billion in market cap vanished in less than an hour.
Melania Trump’s memecoin, $MELANIA, is also down more than 35% since Trump’s speech.
$TRUMP has now lost a total of $7.5 billion in market cap from its recent all-time high.
Update
World Liberty Financial, led by President Donald Trump, acquired $47 million worth of Wrapped Bitcoin.
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