In a surprising move just days before his inauguration, President-elect Donald Trump has launched a new cryptocurrency token named $TRUMP. This meme coin has quickly gained attention, with its value soaring from $10 to over $70 per token within hours of its release.

What Is $TRUMP Coin?

The $TRUMP coin is a meme-inspired cryptocurrency built on the Solana blockchain. Unlike traditional cryptocurrencies designed for investment or transactional purposes, $TRUMP is marketed as a symbol of support for Trump's ideals. The total supply is capped at 1 billion tokens, with 200 million initially available. Notably, 80% of the tokens are controlled by entities affiliated with the Trump Organization, including CIC Digital LLC and Fight Fight Fight LLC, which plan to release these tokens gradually over the next three years.

Market Reaction and Value Surge

The launch of $TRUMP has caused a significant stir in the cryptocurrency market. Within hours of its release, the coin's value surged over 300%, reaching a market capitalization of $8 billion and trading volumes near $1 billion. This rapid appreciation has raised eyebrows among investors and analysts alike.