Trump’s cryptocurrency reaches a record high, “$TRUMP” is valued at over $68 billion

Newly elected President Donald Trump launched his first cryptocurrency, a “meme coin” called $TRUMP, which has since become the 19th-largest cryptocurrency. The coin was trading at just over $68 as of Sunday afternoon and was valued at more than $68 billion, according to CoinGecko.

This is the first cryptocurrency endorsed by the future president, who once dismissed Bitcoin. In July 2024, Trump addressed the largest crypto convention and has since appointed Howard Lutnick, a supporter of the cryptocurrency company Tether, to lead the U.S. Department of Commerce. Lutnick is among other crypto enthusiasts appointed to Trump’s upcoming administration.

The “meme coin” website states that it is “the only official Trump meme.” Meme coins, a class of highly volatile cryptocurrencies, often derive their branding from internet trends and cultural phenomena.

“Now, you can claim your piece of history. This Trump Meme celebrates a leader who never backs down, no matter the odds,” the website declares.

The market cap, which is based on the 200 million coins in circulation, is capped at $13 billion, according to CoinMarketCap. The “meme coin” website stated that there will be 1 billion Trump coins issued over the next three years.

The website emphasizes that the meme coin is not politically affiliated. However, 80% of the coin’s supply is held by CIC Digital and Fight Fight Fight LLC, both linked to the Trump Organization. These entities are subject to a three-year lock-up plan, meaning they cannot sell all their holdings immediately.

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