The US President promises to make cryptocurrencies a national priority for the US.
US President-elect Donald Trump announced the launch of his own cryptocurrency — the $TRUMP memecoin. He announced the launch of the project on the social networks X (formerly Twitter) and Truth Social. He also posted a link to the Trump Meme website, where you can buy the memecoin.
“It's time to celebrate everything we stand for: victory. Join my community and get your $TRUMP now,” Trump wrote.
The $TRUMP memecoin is built on the Solana blockchain. The total supply is 1 billion tokens, of which 200 million are available to users from day one. The remaining 80% of the tokens will be issued gradually over three years.
After the launch, the value of $TRUMP rose rapidly, reaching a peak of $33.78 per coin. As of today, the price is hovering around $30. The coin's market capitalization has reached $6 billion.
Most of the $TRUMP tokens are owned by Trump Organization affiliates, including CIC Digital and the CIC joint venture, which control a significant portion of the investment.
The launch of the $TRUMP memecoin took place on the eve of Trump's inauguration, scheduled for January 20. The president-elect is expected to sign a number of executive orders aimed at regulating the cryptocurrency industry, including Bitcoin, and may take a softer approach.
The move is part of Trump’s broader strategy to integrate cryptocurrencies into his political agenda. He has previously released NFT collections and unveiled the World Liberty Financial crypto platform. Trump has now formed a technology policy team headed by former PayPal COO David Sachs, who is called the “crypto czar”, and plans to issue an executive order after his inauguration that will make cryptocurrencies a national priority.
The launch of the $TRUMP memecoin, initiated by Donald Trump, has caused mixed reactions among his supporters, world politicians and investors.
Trump supporters have generally welcomed this initiative, as it was part of his election platform.
World politicians have so far refrained from official comments on the launch of $TRUMP. However, given Trump's plans to issue an executive order, it is likely that this issue will become the subject of international discussions.
On the eve, Bitcoin rose 13% from its price at the beginning of the week, showing its best performance since November. At the time of the close of trading in New York, the price of Bitcoin was $105,076, which is the largest weekly increase in recent months.
Market experts note that the launch of $TRUMP could have contributed to the growth of interest in cryptocurrencies, which, in turn, had a positive effect on the Bitcoin rate. However, it is important to consider that the value of Bitcoin is influenced by many factors, and it is difficult to determine the exact impact of a single event.