On January 18, U.S. President-elect Donald Trump launched an "official" meme token, TRUMP, on the Solana blockchain. Within 24 hours, the token's value skyrocketed by 220%, with a fully diluted valuation (FDV) reaching $62 billion.
Currently priced at $68.8, TRUMP’s market cap stands at $13.6 billion, securing it the 16th spot among top cryptocurrencies, surpassing TON and SHIB. Daily trading volumes reached nearly $2 billion, with the Solana network experiencing a surge in activity that drove SOL to a historic peak of $286.
Tokenomics in brief
TRUMP launched with an initial supply of 200 million tokens and a total cap of 1 billion. Public distribution accounts for 100 million tokens, with another 100 million allocated to liquidity. The remaining 800 million are reserved for creators and CIC Digital, linked to Trump’s NFT ventures. Gradual unlocking is planned over three years, with the first unlock scheduled in three months.
Community reactions
While some see TRUMP as a game-changer, others criticize it as a profit-driven venture. Crypto podcaster Scott Melker called it a "financial advantage" for the crypto space but a "harm to humanity," highlighting the token’s heavy insider ownership.
"Trump’s involvement might draw millions of new users to crypto, but let’s hope it doesn’t end in disaster," Melker noted.
The launch brought over 200,000 new users to the Moonshot platform, where TRUMP is sold.
Controversies and Criticism
If CIC Digital and its affiliates, which control 80% of the supply, are linked to Trump, his net worth could have increased tenfold to an estimated $56 billion, based on the token’s current price. This concentration of ownership has sparked debates about ethical concerns and market risks.
Critics like Umar Ashraf, founder of TradeZella, argue that a sitting president launching a meme token sets a dangerous precedent. Similarly, Luke Youngblood of Moonwell Finance called it a "bad long-term signal" for the industry.
Despite the controversy, Trump’s influence could reshape the crypto landscape, with reports suggesting plans to prioritize cryptocurrency as a national focus.
