The Official Trump Coin Jumps 600% Overnight To Reach a £27 Billion Market Cap, Lifts Solana by 15%

President-elect Donald Trump shocked the crypto industry by launching his first official cryptocurrency, the $TRUMP meme coin, while reportedly hosting a "Crypto Ball" on Friday night with the industry in Washington, D.C.

The Crypto Ball was organised to celebrate Trump's pro-crypto policies. He also announced the launch of the $TRUMP coin on Truth Social and X, formerly Twitter, which is already proving to be a massive boost for the crypto industry.

"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.

Although several Trump-branded meme coins were launched in the past months, none had his official endorsement, which naturally fueled temporary scepticism among investors. However, the crypto meme coin's official website describes the newly launched $TRUMP coin on the Solana Blockchain as "the only official Trump meme."

Meteoric $Trump Meme Coin Growth Before Inauguration Day

According to CoinMarketCap data, the $Trump coin price jumped over 600% overnight to a high of $33.78 per token before Saturday noon, implying a fully diluted value (FDV) market capitalisation of £27.74 billion ($33.78) billion.

The FDV market cap is calculated based on the maximum token supply possible. Currently, 200 million $TRUMP tokens have been issued, which will grow to 1 billion over three years.

Around 80% of the supply is held by Trump Organisation affiliate CIC Digital and a CIC-owned entity named Fight Fight Fight LLC. Given the three-year unlocking plan, they won't be able to dump their holdings at once.

The website mentions that Fight Fight Fight LLC owners, CIC Digital and Celebration Cards, will receive trading revenue from trading activities of the $TRUMP coin.

Meanwhile, the launch of the $TRUMP meme coin also boosted Solana prices by over 15% to £206 ($252) per token on 19th January.

Trump's unexpected announcement marks a major milestone for the overall crypto industry, which will likely accelerate mass adoption and the development of better payment infrastructure and security framework.

As the Republican embraces cryptocurrency as an industry, he reportedly plans to designate cryptocurrencies as a "national priority" as soon as next week.

Here's How To Buy $TRUMP Coin

Investors can buy the $TRUMP coin on the Moonshot app, a popular memecoin launchpad.

Users can create an account with an email address and proceed to deposit with Apply Pay, debit/credit card, Venmo, or Solana/USDC to receive their $TRUMP tokens.

The website also shared the Solana Contract address for users:

6p6xgHyF7AeE6TZkSmFsko444wqoP15icUSqi2jfGiPN

Buying crypto coins using a contract address allows purchases directly from a decentralised exchange (DEX) or decentralised finance (DeFi).

Experts say one can begin the process by choosing a trusted DEX like Uniswap and connecting wallets like Trust Wallet or MetaMask using the wallet address. When done, there's generally an "Input" or "From" section on the exchange interface where the user can add custom tokens by copying the contract address.

The next step involves entering the token amount you want to purchase and selecting the trade currency, such as USDT or any other supported by the DEX. Upon confirmation of the transaction, the token swap should be executed shortly.

Always use a trusted platform and have sufficient funds to pay for the tokens and transaction fees successfully. Most importantly, always use a blockchain explorer to verify contract addresses.

Should Investors Exercise Caution When Buying The $TRUMP Coin?

Although endorsed by the billionaire himself, the $TRUMP coin is ultimately a meme coin that "celebrates a leader who doesn't back down, no matter the odds."

The website clearly mentions that the $TRUMP meme coin is for people to join a community that's about "fighting for what matters" and is intended to function as an "expression of support for and engagement" with the beliefs of the symbol "$TRUMP."

Furthermore, they add that the meme coin is not intended to be an investment opportunity and that the official website isn't political or associated with any campaign or government agency in any way.

Meme coins are highly volatile, and the $TRUMP coin isn't likely to be an exception. However, Trump's backing of the industry could trigger a market rally as market participants await the announcement of his pro-crypto policies upon assuming Office.

Disclaimer: Our digital media content is for informational purposes only and not investment advice. Please conduct your own analysis or seek professional advice before investing. Remember, investments are subject to market risks and past performance doesn't indicate future returns.