Jan 18, 2025 08:49 PM IST
The token which was launched on the Solana network, garnered a lot of attention, especially from Donald Trump’s supporters on social media.
Ahead of his inauguration as President on January 20, Donald Trump has shaken up the cryptocurrency market with the announcement of the $TRUMP meme coin.
In a post on X, Trump introduced the coin as his “official Trump meme.” The coin is inspired by Trump’s iconic “Fight, Fight, Fight” slogan, which he coined after surviving an assassination attempt at a campaign rally.
Also Read: Google, Boeing, crypto firms among donors of Trump inauguration fund: Report
He added a link to purchase the crypto currency along with the message, “It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR $TRUMP NOW.”
Also Read: Bitcoin approaches first weekly decline since Donald Trump’s victory, Fed policy dampens optimism
The token which was launched on the Solana network, garnered a lot of attention, especially from Donald Trump’s supporters on social media.
The $TRUMP meme coin’s market capitalisation increased exponentially with a 220 per cent increase, reaching $4.25 billion, within hours. The trading volumes of the coin were close to $1 billion and the coin’s price settled at $7.1 as compared to its initial price of $0.18, reported The Economic Times.
Trump and cryptocurrency
President-elect Donald Trump is expected to pass several crypto-currency policies during his upcoming second term in the White House, reported Reuters.
Also Read: Bitcoin crosses $100,000 for first time on optimism over Donald Trump’s crypto plans
During his campaign ahead of the presidential elections, Trump promised to be a “crypto president” and according to sources quoted by Reuters, he will sign an executive order to create a crypto advisory council once he takes office. The idea of a crypto advisory council was discussed by Trump as early as July, 2024.
Trump’s advisors have also discussed issuing an executive order that would ease regulations that make it costly for companies and banks to hold cryptocurrency on behalf of third parties.
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