Donald Trump’s $TRUMP Cryptocurrency Sparks a Frenzy; It rose more than 300% in hours, reaching $8 billion in market capitalization

Former US President Donald Trump entered the cryptocurrency market with a bang, launching his signature Trump dollar coin. In a dramatic debut, the coin rose over 300% within hours, with market cap reaching $8 billion and trading volumes approaching $1 billion.

Trump Coin was announced just days before Trump was inaugurated for his second presidential term, and it has taken the cryptocurrency world by storm. The token’s initial value of $0.18 rose to $7.1 shortly after its launch, later peaking at $21.51 — a staggering 231.61% increase, according to CoinMarketCap data.

Built on the Solana blockchain, $TRUMP has a maximum supply of 1 billion tokens, with 200 million tokens initially issued. The remaining supply will be distributed in phases over three years. Ownership is concentrated, with CIC Digital LLC, a subsidiary of the Trump Organization, and Fight Fight Fight LLC, a newly formed Delaware-based company, holding 80% of the tokens.

Trump turned to his platforms, Truth Social and The coin was inspired by Trump’s rallying cry, “Fight, fight, fight,” a phrase associated with his resilience after surviving an assassination attempt in July 2024.

Social media erupted with reactions to the launch. Supporters hailed the move as a pioneering foray into digital assets, while skeptics questioned its legitimacy. Concerns have been raised about the concentration of ownership and the project’s credibility, particularly against the backdrop of Trump’s previous projects, which include eccentric products such as expensive watches and cologne inspired by his survival of an assassination attempt.

Despite the controversies, TRUMP’s market performance has been undeniable. Early adopters reported massive profits, with one trader claiming a windfall of $20 million within an hour.

Trump’s handling of cryptocurrencies is consistent with his long-standing image as a crypto president. During his first term, he championed digital assets, and the $TRUMP token signifies his continued support for blockchain innovation. Many expect that his upcoming term could boost the cryptocurrency industry.

While the token’s debut has grabbed headlines, its long-term impact remains uncertain. Experts warn that the hype surrounding the Trump dollar could lead to volatility, but its success underscores the growing influence of meme currencies and their ability to stimulate markets.

The timing of the launch, just days before Trump’s inauguration on January 20, has only heightened interest and speculation about its broader implications for the cryptocurrency landscape.