Cryptocurrency earns $31 billion overnight

On January 19, 2025By Littum

Just days before his second inauguration, President-elect Donald Trump issued a cryptocurrency meme coin commemorating his response to the July 2024 assassination attempt.

The new $TRUMP meme coin — a form of cryptocurrency — launched Friday night with posts about the Trumps Truth Social social media platform and on X, the social network formerly known as Twitter. According to the coin’s website, gettrumpmemes.comThere are 200 million $TRUMP coins available now, with plans to have 1 billion over the next three years.

The site considers Trump the “crypto-president,” and the coin portrays the president-elect with “his hand in the air and the iconic battle cry FIGHT FIGHT FIGHT,” Trump shouted after the July 13, 2024, assassination in Butler, Pennsylvania.

What is a meme coin?

Meme coins are a form of cryptocurrency usually inspired by internet memes, often a pop culture image or trend. A well-known meme featured the Japanese dog Kabosu who became one population r me me online in the early 2010s.

Then in 2013, Kabosu became the face of Dogecoin, which became one of the most popular “meme stocks” during the COVID-19 pandemic’s retail boom. Elon Musk famously changed Twitter’s logo to the Dogecoin logo in April 2023, CNBC previously reported.

Trump has named Musk and entrepreneur Vivek Ramaswamy to help lead the new Department of Government Efficiency (DOGE).

How much is the new Trump meme coin?

Saturday at 13 ET, the Trump coin was trading at around $31, according to crypto exchanges GeckoTerminal. When trading started, the coin’s value was 18 cents, the site said.

The Trump coin had a fully diluted valuation of about $31.37 billion and a market capitalization of more than $6.27 billion as of Saturday afternoon.

“‘Trump Coin’ has taken the cryptocurrency world by storm, potentially positioning itself to challenge Dogecoin’s supremacy in the meme coin ecosystem,” wrote London-based fintech analyst Boaz Sobrado. Forbes.com.

“The astonishing launch of $TRUMP caught the entire industry off guard and speaks both to (Trump’s) personal influence and the rise of cryptocurrency in his administration,” wrote Axios reporters Ben Berkowitz and Brady Dale.

Trump’s cryptocurrency movement, they said, quickly appeared to make more than $25 billion on paper for himself and his companies.”

According to the coin’s website, CIC Digital LLC, which is an affiliate of The Trump Organization, and Fight Fight Fight LLC, which is co-owned by CIC Digital, together own 80% of the coins. The coins are subject to a 3-year unlock plan, which means that these holdings cannot be dumped all at once, Axios reported.

When the Trump coin announcement hit social media, there were “serious questions about the legitimacy” of the cryptocurrency, reported Crypto Briefing news site. But the new project is likely the work of those who helped with Trump’s “America First Collection” of digital trading cards, the site reported.

Investors should remember that cryptocurrencies can be volatile. Those who buy the new coin must agree to terms and conditions, including agreeing not to file future class action lawsuits, a move to help reduce financial risk for the company and issuers, Newsweek reported that.

Trump Merch: Sneakers, Bibles, NFTs, and Now Meme Coins

This is just the latest in Trump’s merchandising offerings, which have included Trump sneakers, Victory Cologne, watches — including a $100,000 model — and Bibles.

You can buy Trump coin using Moonshot app. There may be more cryptocurrency offerings during Trump’s term. Paul Atkins, his pick to head the US Securities and Exchange Commission, is considered crypto-friendly compared to outgoing Democratic SEC chief Gary Gensler.

And Trump is considering creating a strategic reserve of bitcoin, which is considered the first successful digital currency.

Trump’s crypto deals are a natural progression of his brand-building, which has included Trump hotels and casinos, Forbes’ Sobrado wrote.

“The emergence of a presidential meme coin may seem unprecedented, but in the context of Trump’s brand-exploiting history, it follows a familiar pattern,” he wrote. “The president has consistently demonstrated his ability to monetize his personal brand. What’s different this time is not the strategy, but the medium—and, ironically, the regulatory environment that made it possible.”

Starring: Jonathan Limehouse and Bailey Schulz, USA TODAY

Follow Mike Snider on Threads, Bluesky and X: mike carvers & @mikegsnider.bsky.social & @mikesnider.

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