Trump surprises crypto industry with $TRUMP coin launch; value skyrockets over 18,000% in 24 hours, becoming top 30 cryptocurrency.
President-elect Trump surprised the cryptocurrency industry by announcing the launch of his token, $TRUMP coin.
In under 24 hours, the token’s value surged from a few cents to $33.87, marking an over 18,000% increase. It has since stabilised around $26, achieving a market cap above $5 billion and ranking in the top 30 cryptocurrencies globally.
The announcement was made shortly before Trump’s inauguration, via his Truth Social and X accounts, during the inaugural Crypto Ball in Washington, D.C.
Trump aims to be the most crypto-friendly president and intends to reverse the Biden administration’s regulatory measures that have pushed many U.S. firms overseas.
The Crypto Ball was attended by various crypto CEOs, politicians, and members of Trump’s incoming Cabinet, including his son, Donald Trump Jr. Initially, some attendees questioned the authenticity of the announcement, suspecting potential hacking.
Trump’s promotional message included a link for purchasing the token with a debit card or cryptocurrency.
Since the announcement, Trump has remained silent about the coin, while Eric Trump described it as “the hottest digital meme on earth.” This comment was also shared by Trump’s official X account.
