Launches Donald Trump $TRUMP Meme Coin, Soaring in Value
President-elect Donald Trump has officially entered the cryptocurrency market with the launch of his own digital token, the $TRUMP meme coin, on Friday night. As of Saturday afternoon, the coin's market cap has reached an impressive $6 billion, with most of it controlled by Trump and his affiliated businesses.
Trump announced the $TRUMP coin as his "Official Trump Meme Coin" on social media, setting it apart from several other Trump-branded coins that exist but lack his direct endorsement.
The $TRUMP coin saw a meteoric rise, hitting $33.78 early Saturday morning before stabilizing at over $29. Its market cap stands at $5.9 billion, according to CoinMarketCap, with a fully diluted valuation estimated at around $29.6 billion.
According to the $TRUMP website, 80% of the coin's supply is controlled by CIC Digital, a Trump Organization affiliate, and a co-owned entity called Fight Fight Fight.
Trump's Crypto Agenda: A Pro-Crypto Stance
The timing of the $TRUMP coin's launch, just days before Trump’s inauguration, has generated buzz in the crypto world. Trump is expected to issue executive orders on Bitcoin and the broader cryptocurrency industry on his first day in office or shortly thereafter. His approach is anticipated to be crypto-friendly, with a lighter regulatory stance. During his campaign, Trump also expressed plans to create a Bitcoin strategic reserve.
Bitcoin itself is experiencing a surge, trading above $104,000 on Saturday evening, after briefly reaching nearly $106,000 on Friday, spurred by reports of Trump's forthcoming crypto-related executive orders.
$TRUMP or DJT Stock: What’s the Real Trump Indicator?
In addition to the $TRUMP coin, shares of Trump Media & Technology (DJT), which owns Truth Social, have been acting as a sentiment gauge for Trump supporters since the campaign. While DJT stock has faced significant losses and struggles with revenue, it still boasts a market cap of $8.68 billion as of Friday’s close, with Trump as the majority owner.
The big question now is whether the $TRUMP meme coin will eclipse DJT stock as the primary indicator of Trump’s influence and market sentiment, or if both will continue to serve that role.
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