The cryptocurrency market witnessed a remarkable event on January 17th with the launch of former President Donald Trump’s official meme coin, dubbed ‘TRUMP.’ The unveiling took place on Trump’s social media platform, Truth Social, where he enthusiastically declared, “My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING!”
This launch sent shockwaves through the crypto community, leading to a staggering increase in value. The TRUMP token, based on the Solana blockchain, surged over 4,200% shortly after its release, achieving an astounding market capitalization of $7.7 billion within just two hours. This unprecedented rise has ignited intense discussions, confusion, and a sense of fear of missing out (FOMO) among investors on various social media platforms.
One trader, seizing the opportunity, purchased nearly 6 million TRUMP coins for around $1.1 million in USDC. Remarkably, within just 90 seconds of making this investment, the value of the coins skyrocketed to approximately $23 million. Despite having sold only a fraction of their holdings, the trader still retains over 5 million TRUMP coins, securing a profit exceeding $20 million as reported by Lookonchain.
The coin’s explosive debut has not only attracted a plethora of users but has also raised concerns about potential account theft in such a volatile market. Nonetheless, the jaw-dropping price surge and the massive profit made by the trader remain the focal points of conversation within the crypto community.
In terms of trading activity, the TRUMP coin has already achieved a trading volume of $1 billion, with 200 million tokens in circulation, leading to a market cap of $14.5 billion, according to data from Introbillion at Binance.
The excitement surrounding meme coins continues to grow, particularly with high-profile endorsements, highlighting the evolving nature of the cryptocurrency landscape. This phenomenon serves as a reminder of the significant impact celebrity involvement can have on market dynamics, generating both interest and investment opportunities.
Summary: Donald Trump launched his meme coin ‘TRUMP’ on January 17th, leading to a massive market surge and profits for early investors. Within two hours, the coin reached a market cap of $7.7 billion, and a trader reaped a profit of over $20 million in mere minutes. The event not only sparked interest but raised concerns regarding market volatility and account security.