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The total value of the Donald Trump-backed Memcoin in circulation has reached over $13 billion.
Since its launch Friday evening, the $TRUMP cryptocurrency — in which the Trump family has a direct stake — has surged from $6 to $67, bringing the value of the coins in circulation to $13.2 billion, according to data from Coinbase on Sunday. .
The rapidly rising value of the token has already made it one of the crypto market’s biggest “memecoins” or tokens that represent online viral moments. Originally developed as an insider industry joke, memecoins have no business model or cash flow.
After Trump won the election in November, the number of new memecoins and their value jumped. Industry executives and traders are betting that the new administration will take a friendly approach to cryptoassets.
Trump’s coin went on sale Friday evening on the reality social network. The accompanying website features an image of Trump with his fist raised and describes the coin as “the only Trump meme.”
According to the token website Fight Fight Fight LLC, which is owned by CIC Digital and a business jointly owned by CIC, 80 percent of the tokens are related to the Trump Organization — which will ultimately represent an attempt to assassinate Trump. Winter.
The tokens held by insiders will begin to open for sale in the next three to 12 months and will be ready to sell during Trump’s four-year term.
“Trump owns 80 percent and the deadline before inauguration is a savior and many will probably be hurt by that,” said venture capitalist Nick Tomaino.
The launch surprised many in the crypto market, but Binance, Coinbase and Kraken, the big three Crypto They announced plans to trade the Trump coin on their markets.
The Trump family has a growing interest in cryptocurrency. The US president-elect and his three children They were promoting. Crypto ventures founded by World Liberty Financial, his longtime business partners and others, Trump’s social media company, however, failed. Tried to buy Bakkt, cryptocurrency trading site.
On Saturday, Eric Trump described the Trump coin as the “hottest digital meme on the planet” and said world freedom is “just getting started.”
Anthony Scaramucci, Trump’s former communications director, protested the opening. “Trump’s memecoin stuff is bad for the (crypto) industry. Don’t fool yourself,” he wrote on X.
A spokesman for Trump’s transition team did not immediately respond to a request for comment.
Jonathan Bixby, a crypto entrepreneur, said that Trump’s memecoin could be the opening gun in the so-called “banana zone”, a crypto business term in which prices suddenly increase.
“It gives legitimacy to these properties and invites every celebrity to come back and start promoting. These next couple of months are going to be wild.”
The price of Solana, the blockchain used by Trump Coin and many other memecoins, hits a record. Top $295 Sunday. The U.S. regulator, the Securities and Exchange Commission, is expected to rule in the coming months on whether U.S. stock market funds are allowed to invest directly in Solana.
