Donald Trump&rsquo;s official social media accounts on Saturday announced details of a new digital asset, called the $TRUMP meme coin. Initially dismissed as a possible hack due to the lack of accompanying statements, the posts quickly gained traction as linked websites traced back to Trump&rsquo;s known businesses. The $TRUMP token has been launched on the Solana blockchain. It&rsquo;s value has since soared and reached $36 per token, achieving a market capitalisation of $7.18 billion as of January 19 (11:25 ask IST), according to CoinMarketCap. The meme coin has gained over 1000 per cent in less than 24 hours. Eric Trump confirmed the development on January 18, posting on X (formerly Twitter), &ldquo;$TRUMP is currently the hottest digital meme on earth... We are just getting started!&rdquo; Trump and his sons, Eric and Donald Jr., had launched World Liberty Financial, a digital asset platform focused on decentralised finance (DeFi), in September 2024.&nbsp; DeFi involves peer-to-peer trading, lending, and borrowing of digital assets using automated software. According to an AFP report, the $7 billion increase in Trump&rsquo;s net worth from the token is expected to grow even further. The projected market of the $TRUMP coin could reach upto $24 billion by 2028. The projections have been made after including all coins that are yet to be issued. Only 200 million tokens of the $TRUMP coin were released in the first batch. However, 800 million more coins will be released in the next three years. The official $TRUMP website states that the token is not an investment opportunity or security. However, Trump supporters and crypto enthusiasts are currently using it for speculative trading, especially in the futures market.
While preparing for his second term, Trump has faced scrutiny for retaining stakes in various businesses, including Trump Media &amp; Technology Group, real estate ventures, and cryptocurrency operations. Despite its rapid popularity, watchdogs and officials have criticised the move, citing potential conflicts of interest for the president-elect. Danielle Brian, executive director of the Project on Government Oversight, said that meme coins pose significant risks to investors while offering substantial profits to founders. She described the $TRUMP coin as a new avenue for profiting from Trump&rsquo;s political influence. Despite these criticisms, the $TRUMP token has drawn significant interest in less than 24 hours.

Business & Economy | World: The Trump token has been launched on the Solana blockchain. It’s value has since soared and reached $36 per token, achieving a market cap of $7.18 billion as of January 19. 
 

Donald Trump’s official social media accounts on Saturday announced details of a new digital asset, called the $TRUMP meme coin. Initially dismissed as a possible hack due to the lack of accompanying statements, the posts quickly gained traction as linked websites traced back to Trump’s known businesses. The $TRUMP token has been launched on the Solana blockchain. It’s value has since soared and reached $36 per token, achieving a market capitalisation of $7.18 billion as of January 19 (11:25 ask IST), according to CoinMarketCap. The meme coin has gained over 1000 per cent in less than 24 hours. Eric Trump confirmed the development on January 18, posting on X (formerly Twitter), “$TRUMP is currently the hottest digital meme on earth... We are just getting started!” Trump and his sons, Eric and Donald Jr., had launched World Liberty Financial, a digital asset platform focused on decentralised finance (DeFi), in September 2024. DeFi involves peer-to-peer trading, lending, and borrowing of digital assets using automated software. According to an AFP report, the $7 billion increase in Trump’s net worth from the token is expected to grow even further. The projected market of the $TRUMP coin could reach upto $24 billion by 2028. The projections have been made after including all coins that are yet to be issued. Only 200 million tokens of the $TRUMP coin were released in the first batch. However, 800 million more coins will be released in the next three years. The official $TRUMP website states that the token is not an investment opportunity or security. However, Trump supporters and crypto enthusiasts are currently using it for speculative trading, especially in the futures market. While preparing for his second term, Trump has faced scrutiny for retaining stakes in various businesses, including Trump Media & Technology Group, real estate ventures, and cryptocurrency operations. Despite its rapid popularity, watchdogs and officials have criticised the move, citing potential conflicts of interest for the president-elect. Danielle Brian, executive director of the Project on Government Oversight, said that meme coins pose significant risks to investors while offering substantial profits to founders. She described the $TRUMP coin as a new avenue for profiting from Trump’s political influence. Despite these criticisms, the $TRUMP token has drawn significant interest in less than 24 hours.

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Donald Trump's meme coin could add $24 billion to his net worth: Report

Crypto fugitive Do Kwon is in Serbia, says South Korean intelligence department

Total crypto fund inflows top $5 billion this year