Just days ahead of his second inauguration, President-elect Donald Trump unveiled a cryptocurrency meme coin as a tribute to his reaction following the July 2024 assassination attempt.

The newly introduced $TRUMP meme coin, a form of cryptocurrency, made its debut on Friday evening through Trump’s Truth Social platform and X (formerly Twitter). The coin’s website, gettrumpmemes.com, states that there are currently 200 million $TRUMP coins available, with plans to expand to 1 billion over the next three years.

The site refers to Trump as “the crypto president,” featuring an illustration of him with “his fist in the air and the iconic rallying cry FIGHT FIGHT FIGHT” that he shouted after the attempted assassination on July 13, 2024, in Butler, Pennsylvania.

What is a meme coin?

Meme coins are a category of cryptocurrency often inspired by online memes, typically featuring a pop culture meme or trend. A notable meme includes the Japanese dog Kabosu, which became an internet sensation in the early 2010s.

In 2013, Kabosu became the face of Dogecoin, which gained immense popularity during the retail trading surge in the COVID-19 pandemic. Notably, in April 2023, Elon Musk changed Twitter’s logo to the Dogecoin image, as reported by CNBC.

Trump has appointed Musk and entrepreneur Vivek Ramaswamy to co-lead the new Department of Government Efficiency (D.O.G.E.).

What is the value of the new Trump meme coin?

As of Saturday at 1 p.m. ET, the Trump coin was trading at approximately $31, according to the GeckoTerminal crypto exchange. Initially, when trading commenced, its price was 18 cents, as noted on the website.

The fully diluted valuation of Trump coin was around $31.37 billion, with a market cap exceeding $6.27 billion as of Saturday noon.

“‘Trump Coin’ has created quite a stir in the cryptocurrency realm, potentially positioning itself to rival Dogecoin’s dominance in the meme coin sector,” commented fintech analyst Boaz Sobrado from London on Forbes.com.

“The remarkable launch of $TRUMP surprised the entire industry, highlighting both Trump’s personal sway and the rising prominence of cryptocurrency within his administration,” noted Axios reporters Ben Berkowitz and Brady Dale.

Trump’s entry into cryptocurrency has seemingly added over $25 billion to his and his companies’ net worth on paper.”

According to the coin’s site, CIC Digital LLC, an affiliate of The Trump Organization, along with Fight Fight Fight LLC—which is co-owned by CIC Digital—hold 80% of the coins. These are subject to a three-year unlocking schedule, preventing them from being liquidated all at once, as reported by Axios.

Following the announcement of the Trump coin on social media, there were “serious questions regarding the legitimacy” of the new cryptocurrency, as reported by the Crypto Briefing news site. However, it is likely that the project is backed by the same team that worked on Trump’s “America First Collection” of digital trading cards, the site suggested.

Investors should be aware that cryptocurrencies can be highly volatile. Those who purchase the new coin must accept certain terms, including a clause preventing future class action lawsuits, which aims to minimize the financial risks for the company and its issuers, as reported by Newsweek.

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

This latest offering is just another addition to Trump’s merchandise portfolio, which has included Trump sneakers, victory cologne, a range of watches—some priced at $100,000—and Bibles.

The Trump coin can be purchased via the Moonshot app. There may be more cryptocurrency offers on the horizon during Trump’s tenure, especially with Paul Atkins, his nominee for the head of the U.S. Securities and Exchange Commission, known to be favorable to crypto compared to the outgoing Democratic SEC chair, Gary Gensler.

Moreover, Trump is contemplating the establishment of a strategic reserve for bitcoin, widely recognized as the first successful digital currency.

Trump’s foray into the crypto space aligns with his history of brand branding, which has encompassed Trump hotels and casinos, as noted by Sobrado from Forbes.

“The introduction of a presidential meme coin might appear unprecedented, but it follows a familiar pattern rooted in Trump’s brand-leveraging history,” he added. “The president has consistently shown his knack for monetizing his personal brand. The difference now lies not in the strategy but in the medium—and ironically, in the regulatory environment that has permitted it.”

Contributing: Jonathan Limehouse and Bailey Schulz

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