The cryptocurrency market received a huge backlash on January 17 when Donald Trump, the recently elected President of the United States, released his official meme coin 'TRUMP.' revealed. Within the first hour of the news, one trader received a $20 million windfall in less than an hour.
Donald Trump launched the new meme coin on his social media platform Truth Social with the following words: “My NEW official Trump meme is HERE! It's time to celebrate everything we stand for: WINNING!”
According to Crypto times, Donald Trump's $TRUMP memecoin launch on Solana has taken the crypto world by storm and has become the hottest topic on various social media platforms. In just two hours after launch, the coin rose over 4,200% to reach a staggering market cap of $7.7 billion. The sudden launch, combined with the massive growth, has sparked debates, confusion and FOMO on social media.
My NEW official Trump meme is HERE! It's time to celebrate everything we stand for: WINNING! Join my very special Trump community. GET YOURS $TRUMP NOW. Visit https://t.co/GX3ZxT5xyq — Enjoy! pic.twitter.com/flIKYyfBrC
— Donald J. Trump (@realDonaldTrump) January 18, 2025
According to the news portal, a trader acted quickly and purchased nearly 6 million TRUMP coins for approximately $1.1 million using USDC. Within 90 seconds, this trader's investment became worth $23 million. So far, they've only sold a small portion, but they're still holding 5.43 million TRUMP, giving them a profit of over $20 million, according to Lookonchain.
The explosive launch has attracted many users, but questions about account theft are also being raised. However, the price increase of the TRUMP coin and the trader's profits are currently the main talking points in the crypto sphere.
According to Introbillion at Binance, with 200 million tokens in circulation, it has already reached a trading volume of $1 billion and a market capitalization of $14.5 billion.