The $Trump coin, associated with the president-elect, lost more than half its value before gradually recovering on Sunday.
The $TRUMP coin surged by more than 300% on its first day—explore its performance history and whether it’s a legitimate cryptocurrency backed by President-elect Trump or merely a gimmick.
US President-elect Donald Trump unveiled his cryptocurrency, “$TRUMP,” on Saturday, January 18, just days before his inauguration as the 47th President of the United States on Monday, January 20.
The soon-to-be US first lady, Melania Trump, has followed in Donald Trump’s footsteps by launching her own multibillion-dollar cryptocurrency meme coin—causing a temporary drop in the value of her husband’s token.
The incoming president’s coin, $Trump, had surged more than threefold to over $70 (£57), reaching a total valuation of more than $14 billion shortly after its launch on Friday. However, the release of Melania’s coin, $Melania, led to a partial reversal of those gains.
Ahead of his inauguration on Monday, Trump took to social media to promote his token, stating: “It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR $TRUMP NOW.” According to the coin’s official website, 80% of the token’s supply will be held by CIC Digital LLC, a company owned by Trump.
The token rapidly climbed into the top 20 cryptocurrencies, triggering a digital frenzy so intense that, according to blockchain analysts, it drained liquidity from the broader market. As traders offloaded their existing holdings to invest in Trump’s token, the value of other cryptocurrencies declined.
Similarly, Melania’s token launch appeared to have an unintended ripple effect, as some investors shifted their focus from Trump’s meme coin to her newly introduced asset. “The Official Melania Meme is live! You can buy $MELANIA now,” she announced on X, with Trump reposting the message.
Following the launch of $Melania, the price of $Trump plunged by over 50%, dropping from $75 to $30 before gradually rebounding to around $64. Meanwhile, $Melania’s market capitalization soared to as much as $13 billion.
“This is beyond insane,” analysts at The Kobeissi Letter commented on X. “Less than 48 hours ago, Donald Trump launched $TRUMP, which wiped out $7.5 billion in market cap within 10 minutes. Around the launch of Melania Trump’s token, we witnessed massive sell-offs in $TRUMP.”
Meanwhile, Bitcoin—the world’s most well-known digital currency—hit a new all-time high, rising 4% to $108,943 on Monday morning. The cryptocurrency has seen substantial gains since Trump’s election victory in November.
Meme coins, a category of cryptocurrency inspired by internet trends and cultural references, typically lack intrinsic utility and are highly volatile, often experiencing drastic price swings. For example, the coin launched last month by viral sensation “Hawk Tuah girl” Hailey Welch saw a dramatic 95% decline in value, plunging from a $500 million market capitalization to just $25 million. The rising popularity of such coins has sparked concerns over potential conflicts of interest and accusations of leveraging political influence for personal financial gain.
During his presidential campaign, Trump capitalized on the crypto craze by releasing a series of digital trading cards, each batch generating over $4 million. Additionally, his sons, Eric Trump and Donald Trump Jr., launched their own cryptocurrency venture, World Liberty Financial, in 2024, further fueling ethical concerns over potential conflicts of interest.
The Trump meme coin’s official website features a disclaimer clarifying that the token is meant as a symbolic expression of support and engagement with Trump’s ideals rather than an investment opportunity, contract, or security. It states: “GetTrumpMemes.com is not political and has no affiliation with any political campaign, office, or government agency.” Melania’s meme coin website carries a similar disclaimer.
Traders have likened meme coins to “pure gambling,” comparing them to purchasing a lottery ticket. However, some crypto enthusiasts have welcomed the Trump meme coin’s launch, viewing it as a strong signal of the incoming president’s support for the cryptocurrency industry—an industry that many believe was unfairly scrutinized under the Biden administration. Trump has pledged to implement crypto-friendly regulations and has appointed industry advocates to key government positions.
Check out the schedule for the inauguration ceremony of Trump’s presidential swearing-in in 2025.