On Friday night, while some were asleep, the United States’ 45th and soon-to-be 47th president, Donald Trump, announced and launched his meme coin, $TRUMP. A meme coin is a digital asset typically based on internet memes, popular animals, human figures, or pop culture phenomena. Their transactional value hinges heavily on virality and social media presence for traction, often making them risky investments. Trump’s coin, $TRUMP, draws inspiration from his campaign rallying cry, “Fight, Fight, Fight” — a phrase he reportedly shouted after surviving an assassination attempt at a Pennsylvania campaign rally in July 2024. Trump introduced the token as a celebration of his victory in the November 2024 presidential election and his upcoming inauguration on Monday, January 20, 2025.

The $TRUMP coin was announced via Trump’s Truth Social and X accounts, initially sparking speculations of a hack. Such unusual reactions are what you get when an American president announces his meme coin.  However, the initial doubts about $TRUMP’s announcement being from hackers were quickly dispelled as the coin’s value surged by over 300% within hours, climbing from $0.18 to $7.10. Its market cap skyrocketed to an astounding $8 billion in less than three hours post-launch.

Since its release over 30 hours ago, the $TRUMP meme coin has dominated conversations in the cryptocurrency world.

Influential figures releasing meme coins is hardly unusual. In most cases, the influence is needed to generate the buzz that translates into profitability. The idea of a sitting U.S. president, however, launching a meme coin is unprecedented. Yet, given Trump’s persona and his advocacy for a digital asset-powered economy, the decision seems less surprising.

Notably, President Trump’s digital assets’ endorsement includes an investment in NFTs that reportedly earned him $7.2 million in licensing fees. His second-term campaign received substantial support from crypto front players. The administration has also made cryptocurrency a key part of its agenda, starting with the anticipated dismissal of Securities and Exchange Commission (SEC) Chief Gary Gensler. Gensler’s stringent regulations had hindered the crypto space under the Joe Biden administration.

Following his victory in the US election in November, his advocacy for crypto and other external factors propelled Bitcoin to unprecedented heights, surpassing $100,000 within a month of Election Day.

The $TRUMP launch has ignited widespread reactions and discussions. Early adopters have profited significantly, leaving a trail of FOMO for those yet to join the bandwagon.

However, scepticism persists. Critics question the ethics of a U.S. president-elect leveraging his inauguration and political influence to promote a meme coin, especially in the wake of recent pump-and-dump scandals headlined by Andrew Tate’s $DADDY, Jack Doherty’s $McLaren, and Davido’s $DAVIDO in 2024.

Yet these concerns have done little to slow $TRUMP’s rapid ascent. Leading exchange platforms Coinbase and Binance have announced plans to list the token, while it is already available on centralised exchanges such as KuCoin, Bitget, and Kraken.