On Jan. 18, US President-elect Donald Trump announced the launch of his personal cryptocurrency, a meme coin named TRUMP, through a post on his social media account. The post read: "My NEW Official Trump Meme is HERE! It's time to celebrate everything we stand for: WINNING!" Initially, the announcement was met with skepticism, with many believing his account had been hacked. However, Trump later confirmed the news through an additional post on his official X account.
The $TRUMP meme coin was met with explosive enthusiasm upon its listing. Huobi listed the token at 5:40 p.m., and its price skyrocketed by 1250% shortly after. According to CoinGecko, $TRUMP's market capitalization surged to $4 billion, making it the fourth-largest meme coin globally, behind DOGE, SHIB, and PEPE1.
As a meme coin, $TRUMP's price exhibited extreme volatility, with analysts cautioning investors about the significant risks associated with speculative trading.
Market insiders speculate that Trump may issue executive orders shortly after his inauguration, some of which could favor digital assets. This speculation has been credited with injecting optimism into Bitcoin's trajectory. While some investors fear a potential "sell the news" scenario once these announcements are confirmed, market analysts have downplayed such concerns.
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