Trump meme coin drives cryptocurrency market craze: Over 230% yield in 24 hours

U.S. President-elect Donald Trump launched a new meme coin with his name, creating a significant buzz in the digital asset market.

The “OFFICIAL TRUMP” meme coin, announced by Donald Trump via his social media accounts on Friday, declaring, “The official Trump meme is here!” The launch invited followers to “join the very special Trump community. Have fun,” and was accompanied by a link to the coin’s official website.

According to data from CoinMarketCap, the OFFICIAL TRUMP coin experienced a staggering 248.32% increase in value within the past 24 hours, reaching $22.59. Its market capitalization has soared to $4.51 billion, with a trading volume of $5.02 billion during the same period.

What’s behind Trump meme coin?

The OFFICIAL TRUMP coin is built on the Solana blockchain, with 200 million coins currently in circulation. The total supply is projected to grow to 1 billion over the next three years.

Analysts point to this launch as a move to capitalize on Trump’s strong personal brand and the ongoing interest in cryptocurrency markets.

Western media reports have speculated that Trump’s administration could use this initiative to establish a U.S. cryptocurrency reserve, prioritizing blockchain projects like Solana and Ripple, both of which have strong ties to U.S. interests.

The launch of the OFFICIAL TRUMP coin marks an unprecedented foray into the cryptocurrency sector by a high-profile political figure, fueling speculation about its implications for the broader digital currency market.

Donald Trump will begin his presidential term on Jan. 20, following the inauguration ceremony.