Donald Trump’s latest venture, the $TRUMP memecoin, has made headlines after turning 525 investors into millionaires in under 24 hours. Released as a celebratory token ahead of his inauguration as the 47th President of the United States, the cryptocurrency skyrocketed from mere cents to a market cap of $5.5 billion within hours. Despite disclaimers stating it is not intended as an investment opportunity, the token’s meteoric rise has captured attention in the crypto world.
The memecoin, launched by CIC Digital LLC, an affiliate of the Trump Organization, saw a surge in trading volume, surpassing $3 billion within hours. Early investors saw staggering gains, with one trader turning a $1.09 million investment into nearly $30 million in just two hours. The rapid growth made $TRUMP the second-largest cryptocurrency on the market, with a 272% increase in investment shortly after its launch.
The release has not been without controversy. Critics have accused Trump of manipulating the launch for personal gain, as he holds an 80% stake in the coin. Many financial experts have warned of potential losses for late investors, cautioning against the speculative nature of such assets. Nevertheless, the coin has garnered significant attention as the first memecoin tied to a former or sitting president, marking a unique moment in cryptocurrency history.
While some celebrate their newfound wealth, others remain skeptical about the long-term stability of the token. With 800 million additional coins set to be released over the next three years, the $TRUMP coin continues to be a polarizing topic, attracting both fervent supporters and sharp critics.
