Trump mints $31 billion with new official $TRUMP crypto meme coin

     President-elect Donald Trump has made a dramatic entrance into the cryptocurrency world, launching his own meme coin just days before his inauguration. The $TRUMP token, unveiled on Friday evening, has quickly become one of the fastest-growing cryptocurrencies in history, reaching a market capitalization of nearly $6 billion within hours of its release.

     Trump announced the $TRUMP coin on his social media platforms, Truth Social and X, late Friday night. The timing of the launch coincided with a high-profile crypto event in Washington, D.C., where industry leaders had gathered to celebrate Trump's upcoming inauguration9.The coin's official website describes it as a celebration of "a leader who doesn't back down, no matter the odds," referencing Trump's resilience following an assassination attempt in July 2024.

     Within 24 hours of its launch, the $TRUMP coin experienced a staggering 12,000% gain, rising from a few cents to around $30. The token's market cap briefly touched $15 billion, making it one of the largest cryptocurrencies by market value. Trading volume has been in the billions, indicating significant investor interest. 

     CIC Digital LLC and Fight Fight Fight LLC, both affiliated with the Trump Organization, collectively own 80% of the coin's supply. The initial release consisted of 200 million tokens, with plans to increase the total supply to 1 billion over the next three years.

     The launch has received mixed reactions from the crypto community and beyond. Supporters view it as a bold move that could bring new users into the crypto space, while critics argue it's a cash grab that raises ethical concerns. Ethics watchdogs have expressed alarm over the timing of the launch, with Jordan Libowitz of Citizens for Responsibility and Ethics in Washington calling it "absolutely wild" for a president-elect to launch a new business venture so close to inauguration.

     Trump's embrace of cryptocurrency marks a significant shift from his previous skepticism. It aligns with his campaign promises to make America "the crypto capital of the planet" and signals a potential sea change in U.S. crypto policy. The incoming administration is expected to be more crypto-friendly than its predecessor, with plans to issue executive orders declaring cryptocurrency a "national imperative". This stance contrasts sharply with the regulatory crackdown under the Biden administration.

     The launch of $TRUMP has had ripple effects across the crypto market. Solana's SOL token, on which the $TRUMP coin is built, surged by over 12% following the announcement. Some exchanges, like Rivalry Corp., have already added $TRUMP as an accepted payment method.

     As Trump prepares to take office on January 20, the crypto industry is watching closely to see how his administration's policies will shape the future of digital assets in the United States. The success of the $TRUMP coin launch may be just the beginning of a new era for cryptocurrency under the incoming president's leadership. While the long-term impact of the $TRUMP coin remains to be seen, its explosive debut has undoubtedly captured the attention of both the crypto world and the broader financial markets, setting the stage for what could be a transformative period in the history of digital currencies