Crypto
$TRUMP coin: Is Donald Trump’s meme coin a crypto gimmick or a hidden gem? | Stock Market News
US President-elect Donald Trump announced his cryptocurrency “$TRUMP” on Saturday, January 18, ahead of his appointment as the 47th President of the United States of America on Monday, January 20.
“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 http://gettrumpmemes.com — Have Fun!” said Donald Trump in his social media post on platform X.
This meme coin is a Solana-based cryptocurrency that made a stellar debut on the crypto market and skyrocketed over 300 per cent on the first day, crossing the market capitalisation of $6 billion, according to Mint’s earlier reports.
$TRUMP coin’s track record
The Trump meme coin has gained more than 230 per cent in the last 24 hours, as the market capitalisation of the cryptocurrency crossed the $14.3 billion mark on Sunday, January 19, according to data collected from CoinMarketCap.
The trading volumes of the $TRUMP coin has gained over 330 per cent, currently at a little over $18 billion, as of 5:02 p.m. (IST). According to the official website, there are 200 million $TRUMP coins in circulation which is expected to grow to a total of 1 billion $TRUMP over the next three years.
The $TRUMP coin hit its record high again on January 19, at $72.70. The coin is currently trading at $72.71 as of 5:04 p.m. (IST).
$TRUMP’s launch motive?
According to the official website, the $TRUMP meme coin marks the celebrations of Trump’s White House comeback as the leader eyes the inauguration ceremony on January 20.
The website also mentioned that the Trump meme coins aimed to symbolise as an expression of support for the upcoming Trump administration. People have raised their doubts about the legitimacy of the crypto coin, but the official website and Trump himself have backed the coin as the “Official Trump Meme, by President Donald J. Trump.”
“Trump Memes are intended to function as an expression of support for, and engagement with, the ideals and beliefs embodied by the symbol ‘$TRUMP’ and the associated artwork, and are not intended to be, or to be the subject of, an investment opportunity, investment contract, or security of any type. GetTrumpMemes.com is not political and has nothing to do with any political campaign or any political office or governmental agency,” according to the website data.
These coins are tracked on the Solana blockchain, and the website officially claims that this cryptocurrency is not associated with any political campaign, office or government agency.
In the crypt market investors have always raised a primary concern of legitimacy and the authenticity of a digital asset or an NFT. This move from Trump comes as one of the first moves for an upcoming President to back a meme coin.
So far, the meme coin has given investors staggering returns, but given the general volatility of the crypto market, investments should be made after careful consideration, exercising caution, and sound financial advice.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
May 30, 2025 06:47 PM IST
The Chinese government has not only banned trading or mining of cryptocurrencies, but even individual ownership of digital assets like Bitcoin.
The cryptocurrency market on Friday experienced a significant decline, with a 61 billion dollar dip in total market capitalisation, partially due to new restrictions imposed by China on private cryptocurrency holdings.
China has imposed a fresh ban on cryptocurrency holdings according to a report by Binance. The Chinese government has not only banned trading or mining of cryptocurrencies, but even individual ownership of digital assets like Bitcoin.
Although the current situation is challenging, analysts expect that downward pressure will ease soon, says InvestX, a cryptocurrency and finance related website.
Also Read: Crypto investor tortures Italian man for Bitcoin password in $30,000-a-month NYC apartment
The move by China has led to a general decrease in investor optimism and has caused panic selling that caused a drop in the markets. China has had a hardline approach to cryptocurrency in order to promote the use of the state-backed digital yuan.
With the ban on private crypto holdings, Beijing is tightening its grip on financial flows, potentially accelerating the adoption of its central bank digital currency (CBDC).
Also Read: Who is John Woeltz? $100M crypto king kidnaps, tortures Italian man for Bitcoin password in NYC before dramatic escape
Meanwhile, the Trump administration’s decision to favour tax cuts and lower tariffs have the potential to kick off another speculative frenzy in markets, reported Reuters, citing Bank of America.
This US economic strategy could incentivize traders to ditch bonds and start buying back into artificial intelligence and crypto trades, which would risk inflating a market “bubble.”
US vice president JD Vance has advocated for the use of Bitcoin and other cryptocurrencies in order to build on its strategic advantages against China.
During a Bitcoin Conference in Las Vegas, Vance applauded President Donald Trump’s executive order in March that created a strategic bitcoin reserve with tokens already owned by the government.
Michigan could see the creation of a “Cryptocurrency Bill of Rights” under legislation recently introduced in the state House of Representatives.
One of the bills would keep the state and local governments from banning or restricting the ownership of cryptocurrencies, or taxing them any differently from regular currencies.
State Representative Bryan Posthumus (R-Rockford) said that bill and others would help Michigan attract the crypto industry to the state.
“Cryptocurrency is here to stay. I believe that 20 years from now, it’ll be the foundation of our entire financial industry. And Michigan can be a national leader in that effort,” Posthumus said.
Another part of the four-bill bipartisan package would create rules for investing state funds in cryptocurrencies.
Michigan has already invested in some crypto market-tied funds. That includes ones related to Bitcoin and Ethereum.
Posthumus said the bills would add guardrails by requiring currencies to have a market capitalization of at least $250 billion to be considered for investment. He said current law has few safeguards.
“We wanted to make sure that we passed legislation to make sure legally that the treasurer had the authority to do this. But also, that would protect taxpayers and pensioners,” Posthumus said.
Crypto markets have gained a reputation for being both potentially lucrative and volatile. That’s especially with the rise of so-called “meme coins” often based around internet jokes or trends. President Trump recently launched his own meme coin right before he was sworn back into office.
A final piece of the package would give Bitcoin miners the chance to use abandoned state-owned oil and natural gas wells. The process called “mining” for Bitcoin — solving what’s essentially a math problem that underlies the creation of a new coin — is extremely time consuming and energy intensive.
The bill would create a new program to let selected miners access those abandoned wells, as long as they cap and clean up the site when they’re done. Participants in the program could also get a tax break.
Posthumus said it would provide a new use for those abandoned mines that could otherwise leak methane, a potent greenhouse gas, into the environment.
“Our thought process was well why don’t we give the opportunity to bitcoin miners to bid on these abandoned oil wells with the expectation that, assuming they win the bid, they can … also be required to fund the remediation,” Posthumus said.
Crash in Clackamas County kills Oregon City motorcyclist
The Asian Longhorned tick is spreading far and fast, and Pennsylvania is a ‘hotbed.’
Republicans’ chances of beating Dan McKee for Rhode Island governor—Poll
Man wanted in South Carolina charter boat shooting arrested in Illinois, police say
Highway Patrol planning sobriety checkpoints in 14 counties in June
-
Education1 week agoVideo: Columbia University President Is Booed at Commencement Ceremony
-
Technology1 week agoAMD’s new RX 9060 XT looks set to challenge Nvidia’s RTX 5060
-
News1 week agoRead the Full ‘Make America Healthy Again’ Report
-
Technology1 week agoAre Character AI’s chatbots protected speech? One court isn’t sure
-
Culture1 week agoHow Manga Megastar Junji Ito Makes Terrifying Series Like ‘Uzumaki’
-
News1 week ago'Golden Dome' Missile Shield To Be 1st US Weapon In Space. All About It
-
World1 week agoBelgium requests lifting of MEP immunity to investigate Huawei scandal
-
News1 week agoVideo: Trump Repeats False Claims to South African President