In an unexpected move just days before his return to the White House, President-elect Donald Trump announced the launch of a new Solana-based cryptocurrency called $TRUMP through his social media accounts on Friday.
The announcement, posted on both Truth Social and X (formerly Twitter), promoted the digital token as "My NEW Official Trump Meme" and encouraged supporters to "JOIN my very special Trump Community."
According to the project's website, the meme coin is minted on the Solana blockchain platform. The site features Trump's image with "FIGHT FIGHT FIGHT" text and his signature, along with a message encouraging potential buyers to "Celebrate Our Win & Have Fun!"
The venture appears to be backed by CIC Digital LLC, an affiliate of The Trump Organization, and Fight Fight Fight LLC, which collectively own 80% of the tokens. Delaware records show Fight Fight Fight LLC was registered on January 7th.
Within hours of launch, the cryptocurrency reached a reported market cap of $6.7 billion, with approximately $680 million in trading volume. However, 80% of tokens are locked and set to gradually unlock over three years.
The timing of this launch aligns with Trump's recent embrace of cryptocurrency ventures. In September, he announced the creation of World Liberty Financial, a crypto business venture. The former president has also previously released multiple NFT collections.
The website explicitly states that the project "is not political and has nothing to do with any political campaign or any political office or governmental agency." The Trump-Vance transition team has not responded to requests for comment.
This latest crypto venture joins Trump's growing portfolio of merchandise launches in recent months, including a "God Bless the USA Bible," Trump-branded guitars, gold sneakers, and luxury watches.
While some crypto analysts point to similarities with Trump's previous NFT projects as evidence of authenticity, others urge caution, noting the concentration of tokens among top holders and questions about regulatory implications.