Donald Trump launches $TRUMP meme coin — token almost $7 billion market cap

By: Shawn
Trump announced the birth of his meme coin, $TRUMP, in a Truth Social post late Friday, saying that the cryptocurrency celebrates "WINNING" the presidential election and his imminent inauguration.

President-elect 'Donald Trump' speaks to members of the media.
Scott Olson/Getty Images

$TRUMP's price has climbed more than 300% to just around $29 as of 10:15 a.m. EST Saturday, with a market capitalization of $6.75 billion, according to CoinMarketCap.

Solana, a cryptocurrency and blockchain platform, created the meme coin and has limited the quantity to 200 million coins at launch before increasing the total supply to 1 billion over the next three years, according to the coin's website.

According to state filings, the Trump Organization affiliate CIC Digital LLC and Fight Fight Fight LLC, a company formed in Delaware on January 7, own the remaining 80% of tokens that have yet to be publicly released, and both companies will receive an undisclosed amount of revenue from trading activity.

The token's website has a disclaimer noting that $TRUMP is "not intended to be, or the subject of" an investment opportunity or security of any kind, and that it is "not political and has nothing to do with" any political campaign, political office, or government agency.

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