Photo: CoinGecko
President-elect Trump launched his own cryptocurrency overnight and swiftly appeared to make more than $25 billion on paper for himself and his companies.
Why it matters: The stunning launch of $TRUMP caught the entire industry off-guard, and speaks to both his personal influence and the ascendancy of cryptocurrency in his administration.
- It also speaks to the nature of the crypto industry that someone could have $25 billion worth of something that literally did not exist 24 hours previously.
Catch up quick: Friday night, while Trump was reportedly hosting a “Crypto Ball” for the industry in Washington, the president-elect launched his own meme-linked cryptocurrency.
- His website bills it as “the only official Trump meme.”
- While a number of Trump-branded meme coins popped up in recent months, none had his official endorsement until now.
By the numbers: According to CoinGecko price data, $TRUMP rose more than 600% overnight and was trading just over $32 as of 11 a.m. ET Saturday.
- That gives the coin a fully diluted market capitalization just north of $32 billion.
- The meme website says 80% of the supply is held by Trump Organization affiliate CIC Digital, and a CIC co-owned entity called Fight Fight Fight LLC. (“Fight fight fight” is what Trump said after being shot at a rally in July.)
- They are subject to a three-year unlocking schedule, which means they cannot dump all of their holdings at once.
The intrigue: Trump has warmly embraced cryptocurrency as a concept and an industry, to the point that he is reportedly considering designating it a “national priority” as soon as this week, per Bloomberg.
💠Brady’s thought bubble: No politician has ever given their supporters a way to monetize that support — until now.
This is a developing story. Please check back for updates.
