Trump’s ‘official’ crypto surges to nearly USD14 billion

(MENAFN) President-elect Donald Trump’s new meme coin, TRUMP, has surged to a nearly $14 billion market capitalization within hours of its launch on Saturday, two days before his inauguration. The Solana-based token began trading at $0.1824 but skyrocketed by over 8,000%, reaching $14.4 by 08:00 GMT, according to cryptocurrency trackers. More than 66,000 buyers have already purchased the token, surpassing 18,000 sellers.

Trump announced the launch via his Truth Social and X platforms, encouraging his supporters to join his “Trump Community” and invest in the coin. Initially, there were concerns about the legitimacy of the token, with some warning of potential scams. However, skepticism waned as Trump’s posts remained up, and data suggested minimal risk of a cyber attack, causing the token's value to soar.

Despite its success, the coin has raised concerns about its allocation. Approximately 80% of the token’s supply is locked in a multisignature wallet controlled by the creator, with the Trump Organization's entities, Fight Fight Fight LLC and CIC Digital LLC, holding significant portions. Analysts have raised red flags about this centralization, particularly with the involvement of crypto exchanges Binance and Gate, which do not cater to U.S. customers.

The launch of TRUMP coincides with Trump’s growing alignment with cryptocurrency, marking a shift from his previous skepticism. He has pledged to make the U.S. a global crypto leader, with Paul Atkins, his pick for SEC chair, expected to help shape the country’s crypto landscape.

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