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$Trump

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$TRUMP
Denominations
CodeTRUMP
Development
Initial releaseJanuary 17, 2025; 7 days ago (2025-01-17)
Ledger
Supply limit1 billion
Website
Websitegettrumpmemes.com

$Trump (stylized in all uppercase) is a cryptocurrency meme coin associated with U.S. President Donald Trump, hosted on the Solana blockchain platform.[1] One billion coins were originally created; 800 million remain owned by two Trump-owned companies, after 200 million were publicly released in an initial coin offering (ICO) on January 17, 2025. Less than a day later, the aggregate market value of all coins was more than $27 billion, valuing Trump's holdings at more than $20 billion.

History

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Donald J. Trump
@realDonaldTrump
 X logo, a stylized letter X

My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR $TRUMP NOW. Go to gettrumpmemes.com/ — Have Fun!

January 18, 2025[2]

The Trump meme coin was launched on January 17, 2025, three days before Trump was inaugurated as president of the United States. The lack of a public announcement initially led to concerns that the cryptocurrency was a scam and might have no association to the president-elect.[3] Several hours later, Trump announced $TRUMP on his X and Truth Social accounts.[4] The meme coin website described it as the "only official Trump meme".[5][6] Its logo is a cartoon image of Trump raising his fist after surviving the attempted assassination in July 2024.[7] A disclaimer said that the coin was "not intended to be, or the subject of" an investment opportunity or a security and was "not political and has nothing to do with" any political campaign, political office or government agency.[6] The terms of the offering prohibit coin buyers from joining any class-action lawsuits against the project and assert indemnity against any claims.[8] Trump promoted the coin on the night of its ICO while a "Crypto Ball" was underway.[9]

After its launch, its price soared by over 300% overnight.[10] Within two days, it became the 19th most valuable form of cryptocurrency in the world, with a total trading value of nearly $13 billion, and a total of $29 billion worth of trades based on a $64 value of each of the 200 million tokens issued by the afternoon of January 19th. The New York Times reported that Trump affiliates controlled an additional 800 million tokens that, hypothetically, could be worth over $56 billion, potentially making Trump one of the richest people in the world at an estimated net worth of $63.8 billion.[11] On January 19, 2025, Trump's wife Melania launched her own meme coin, $Melania.[12]

On January 21, 2025, Official Trump was down as much as 26%, and $Melania fell by about half, after Trump made no specific policy announcements about cryptocurrency during his inauguration.[13]

$TRUMP meme coin fell by about 50%[14] in the between January 19th and January 21st 2025:

DATE $TRUMP price/unit Notes
January 17th 2025, Friday $7
January 19th 2025, Sunday $74 Peak price was $75/unit that day[15]
January 21st 2025, Tuesday $38[16][17] in the afternoon

There have been concerns of a pump and dump scheme[18][19] and analysts have viewed it as a "disaster."[20]

Token distribution

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Ownership of the token is largely concentrated in two Trump owned entities: CIC Digital LLC and Fight Fight Fight LLC, which together hold 80 percent of the coins remaining after the ICO.[21] These holdings are scheduled for gradual release over three years.[22]

Reception

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Some crypto executives and investors said Trump had undermined the credibility of the industry they had worked hard to build by selling coins known for their speculative nature and extreme volatility. They also noted Trump's brazen conflict of interest by setting crypto market policies while directly benefiting from participating in the market. Some noted its similarity to a "rug pull," in which a coin is launched and quickly abandoned, leaving early investors with steep losses. The Wall Street Journal reported "Even the most ardent Trump supporters reached a breaking point when the $MELANIA token launched less than 48 hours after" $TRUMP, with one urging Trump to fire the advisor who recommended it. Erik Voorhees, a prominent Bitcoin investor, criticized the coin as "stupid and embarrassing."[23][24][25]

The crypto venture was criticized by ethics experts and government watchdogs.[12] The venture and the possibility of foreign governments buying the coin and enriching Trump was highlighted as possibly violating the Constitution's foreign emoluments clause.[26] Critics said it could allow special interests and foreign governments to seek to buy influence with the president.[27]

The release of $Trump was condemned by ethics lawyers, including Adav Noti, the director of the Campaign Legal Center,[28] and Jordan Libowitz, the vice president for communications at Citizens for Responsibility and Ethics in Washington.[29] Nick Tomaino, a former executive at Coinbase, described Trump's ownership and the timing of the cryptocurrency as "predatory".[28] Anthony Scaramucci, a former White House Communications Director during the first Trump administration and current crypto investor, described the coin as "Idi Amin level corruption" and said that the launch of the coin was bad for the cryptocurrency industry. He added, "Now anyone in world can essentially deposit money into bank account of President of USA with a couple clicks."[30][31] Brendan Fischer, the deputy executive director at Documented, an investigative news outlet, said, "The timing of this launch cannot be a coincidence. It comes just after Trump’s campaign ended, and just before he formally takes office and is fully subject to federal ethics rules."[32]

See also

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References

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  1. ^ Macheel, Tanaya (January 18, 2025). "Solana surges 12% on launch of Trump-themed meme coin, ether falls". CNBC. Retrieved January 19, 2025.
  2. ^ "My NEW Official Trump Meme is HERE!". Archived from the original on January 19, 2025. Retrieved January 19, 2025.
  3. ^ "Trump launches his own meme coin, and its value soars to billions overnight". South China Morning Post. Agence France-Presse. January 19, 2025. Archived from the original on January 18, 2025. Retrieved January 18, 2025.
  4. ^ Snider, Mike (January 18, 2025). "Trump mints $31 billion with new official $TRUMP crypto meme coin". USA Today. Archived from the original on January 18, 2025. Retrieved January 18, 2025.
  5. ^ Ishmael, Stacy-Marie (January 19, 2025). "Crypto Fans Bid Up Trump-Branded Token Days Before Inauguration". Bloomberg.
  6. ^ a b Faguy, Ana (January 18, 2025). "Trump launches cryptocurrency with price rocketing". BBC News. Archived from the original on January 19, 2025. Retrieved January 18, 2025.
  7. ^ Lipton, Eric (January 18, 2025). "Trump Begins Selling New Crypto Token, Raising Ethical Concerns". The New York Times. Archived from the original on January 18, 2025. Retrieved January 18, 2025.
  8. ^ Ge Huang, Vicky; Ostroff, Caitlin (January 21, 2025). "Crypto Thought Trump Would Bring It Legitimacy. Then He Launched a Meme Coin". The Wall Street Journal.
  9. ^ Goodman, Jasper (January 18, 2025). "Trump launches crypto meme coin, ballooning net worth ahead of inauguration". Politico.
  10. ^ Roush, Ty (January 19, 2025). "Donald Trump Launches $TRUMP Meme Coin—Token Hits $9 Billion Market Cap". Forbes. Archived from the original on January 20, 2025. Retrieved January 20, 2025.
  11. ^ Salmon, Felix (January 19, 2025). "Donald Trump is the newest crypto billionaire". Axios. Archived from the original on January 19, 2025. Retrieved January 20, 2025.
  12. ^ a b Lipton, Eric; Yaffe-Bellany, David (January 19, 2025). "Trump's Cryptocurrency Surges to Become One of the World's Most Valuable". The New York Times. ISSN 0362-4331. Archived from the original on January 19, 2025. Retrieved January 19, 2025.
  13. ^ Browne, Ryan (January 21, 2025). "Trump token plunges over 20%, bitcoin pulls back from inauguration day record of $109,000". CNBC. Retrieved January 21, 2025.
  14. ^ Ray, Siladitya. "Trump And Melania Meme Coins Down 50% Since Weekend Peak". Forbes. Retrieved January 22, 2025.
  15. ^ "Donald and Melania Trump debuted meme coins, $Trump and $Melania. Here's what to know. - CBS News". www.cbsnews.com. January 20, 2025. Retrieved January 22, 2025.
  16. ^ "Trump memecoin plummets almost 50% in value days after launch".
  17. ^ Choma, Russ. "Trump's wealth spikes and plummets on the launch of his meme coin". Mother Jones. Retrieved January 22, 2025.
  18. ^ Bratcher, Becca. "Trump Coin Sparks Fury As Industry Grapples With Pump-And-Dump Dread". Forbes. Retrieved January 22, 2025.
  19. ^ Standard, The. "Trump coin pump and dump scheme fleeces supporters even before inauguration ". The Standard. Retrieved January 22, 2025.
  20. ^ "Trump Meme Coins Are a Disaster in Waiting". Bloomberg.com. January 22, 2025. Retrieved January 22, 2025.
  21. ^ Massa, Annie (January 19, 2025). "Trump's Memecoin Creates Billions From Thin Air Before DC Return". Bloomberg.
  22. ^ Faguy, Ana. "Trump launches meme coin, $TRump days before return to White House". BBC News. Retrieved January 19, 2025.
  23. ^ Ge Huang, Vicky; Ostroff, Caitlin (January 21, 2025). "Crypto Thought Trump Would Bring It Legitimacy. Then He Launched a Meme Coin". The Wall Street Journal.
  24. ^ Lipton, Eric; Yaffe-Bellany, David (January 19, 2025). "Trump's Cryptocurrency Surges to Become One of the World's Most Valuable". The New York Times. ISSN 0362-4331. Retrieved January 21, 2025.
  25. ^ Mohamed, Theron (January 20, 2025). "Crypto leaders worry Trump's meme coin is undermining their credibility". Business Insider. via AOL.com.
  26. ^ Romm, Tony (January 19, 2025). "Trump promotes meme coin, raising ethics issues as value soars". The Washington Post. ISSN 0190-8286. Retrieved January 19, 2025.
  27. ^ Suderman, Alan (January 19, 2025). "Trump promotes new meme coin before taking office on pro-crypto agenda". Associated Press. Archived from the original on January 20, 2025. Retrieved January 20, 2025.
  28. ^ a b Lipton, Eric (January 18, 2025). "Trump Begins Selling New Meme Coin Days Ahead of Inauguration". The New York Times. Archived from the original on January 18, 2025. Retrieved January 18, 2025.
  29. ^ Goodman, Jasper (January 18, 2025). "Trump launches crypto meme coin, ballooning net worth ahead of inauguration". Politico. Archived from the original on January 18, 2025. Retrieved January 18, 2025.
  30. ^ Goodman, Jasper (January 18, 2025). "Trump launches crypto meme coin, ballooning net worth ahead of inauguration". Politico. Archived from the original on January 18, 2025. Retrieved January 18, 2025.
  31. ^ Suderman, Alan (January 19, 2025). "Trump promotes new meme coin before taking office on pro-crypto agenda". Associated Press. Archived from the original on January 20, 2025. Retrieved January 20, 2025.
  32. ^ Legaspi, Althea (January 19, 2025). "Melania Trump Crypto Meme Coins Are Here Less Than 24 Hours Before Inauguration". Rolling Stone. Archived from the original on January 20, 2025. Retrieved January 20, 2025.
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