Donald Trump's new $TRUMP meme coin records 220% increase within hours

The token which was launched on the Solana network, garnered a lot of attention, especially from Donald Trump's supporters on social media.

Published on: Jan 18, 2025, 20:49:14 IST

By HT News Desk

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Ahead of his inauguration as President on January 20, Donald Trump has shaken up the cryptocurrency market with the announcement of the $TRUMP meme coin.

In a post on X, Trump introduced the coin as his “official Trump meme.” (Donald Trump/X)

In a post on X, Trump introduced the coin as his “official Trump meme.” The coin is inspired by Trump’s iconic “Fight, Fight, Fight” slogan, which he coined after surviving an assassination attempt at a campaign rally.

Also Read: Google, Boeing, crypto firms among donors of Trump inauguration fund: Report

He added a link to purchase the crypto currency along with the message, “It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR $TRUMP NOW.”

Also Read: Bitcoin approaches first weekly decline since Donald Trump's victory, Fed policy dampens optimism

The token which was launched on the Solana network, garnered a lot of attention, especially from Donald Trump's supporters on social media.

The $TRUMP meme coin's market capitalisation increased exponentially with a 220 per cent increase, reaching $4.25 billion, within hours. The trading volumes of the coin were close to $1 billion and the coin's price settled at $7.1 as compared to its initial price of $0.18, reported The Economic Times.

Trump and cryptocurrency

President-elect Donald Trump is expected to pass several crypto-currency policies during his upcoming second term in the White House, reported Reuters.

Also Read: Bitcoin crosses $100,000 for first time on optimism over Donald Trump's crypto plans

During his campaign ahead of the presidential elections, Trump promised to be a “crypto president” and according to sources quoted by Reuters, he will sign an executive order to create a crypto advisory council once he takes office. The idea of a crypto advisory council was discussed by Trump as early as July, 2024.

Trump's advisors have also discussed issuing an executive order that would ease regulations that make it costly for companies and banks to hold cryptocurrency on behalf of third parties.

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HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

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