New cryptocurrency $TRUMP surged, briefly hitting a $70 billion market cap
Trump’s new crypto project soared ahead of his inauguration, as reports emerge of a blizzard of executive orders planned for Day 1 of his presidency.
The keys to the White House have passed, once again, to Donald Trump.
Inaugurated as the United States of America’s 47th president, today’s swearing-in ceremony — moved indoors because of forecasts predicting it could be the coldest Inauguration Day since 1985 — gives the green light for the incoming administration to begin legislating its substantial agenda. Toward the top of that list of priorities is advocating for the cryptocurrency industry.
Trump 2.0
On Friday, reports emerged that making crypto a national priority could be among a flurry of executive orders that Trump issues on Day 1. But before any more details surfaced, the then president-elect sprang another surprise on the crypto universe: $TRUMP, a meme coin he launched while hosting a “Crypto Ball” for the industry on Friday night.
Two days later, $MELANIA was born, announced via a social-media post from the incoming first lady.
Initially, $MELANIA’s debut dragged $TRUMP down, but the pair of cryptocurrencies have since regained some footing. At this writing, the two tokens have a collective (fully diluted) market cap of nearly $60 billion.
The $TRUMP coin has an initial circulating supply of 200 million coins, with plans to release another 800 million over the coming three years. At current prices, that implies a market cap of either ~$47 billion or ~$9 billion, depending on which measure is used.
Per the asset’s official website:
“Trump Memes are intended to function as an expression of support for, and engagement with, the ideals and beliefs embodied by the symbol ‘$TRUMP’...”
Also:
“CIC Digital LLC, an affiliate of The Trump Organization, and Fight Fight Fight LLC collectively own 80% of the Trump Cards, subject to a 3-year unlocking schedule.”
For years, the financial instrument to support Trump was the stock of DJT, the Trump Media & Technology Group. Now the “crypto president” has a new vehicle.
Zooming out: over the weekend, other digital assets also made gains, with bitcoin and Solana now up 18% and 46%, respectively, over the past seven days.
