Donald Trump, the United States (US) president-elect, has officially launched a new meme coin called $Trump.
Trump announced the launch on X on Saturday and encouraged his supporters to embrace the initiative.
Less than 24 hours after the launch, the meme coin has reached a market capitalisation of $31 billion, according to GeckoTerminal,a cryptocurrency aggregator.
As of 4:40am, an hour after Trump announced the launch, the meme coin was trading at $4.29, however, the asset has increased in value by 414.7 percent, as it currently trades at $20.59.
“My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR $TRUMP NOW. Go to gettrumpmemes.com — Have Fun!” Trump wrote.
The launch of $Trump is strategically timed as it comes just days before his inauguration as the 47th president of the US on January 20.
According to a statement on the $Trump website, the meme coin was described as more than just a digital asset but a “piece of history”.
The statement said the meme coin celebrates Trump’s resilience during his campaign last year after surviving an assassination attempt at a campaign rally in Butler, Pennsylvania on July 13.
“There are 200 million $TRUMP available on day one and will grow to a total of 1 billion $TRUMP over three years. Each group’s allocation are released on their own schedule over 3 years,” the statement reads.
The website describes the coin as a tribute to a leader who “never backs down, no matter the odds” and invites supporters to invest in $Trump.
