President-elect Trump launched a new meme coin — sparking a buying frenzy that saw the token skyrocket over 300% within hours.
Buyers rushed to snap up the limited supply of $TRUMP cryptocurrency after the president-elect announced the buying opportunity in a 9 p.m. Friday post to his Truth Social.
“It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR $TRUMP NOW,” Trump wrote.
“Have Fun!”
The new token’s initial value of $0.18 surged to $7.1 shortly after its launch, later peaking at $21.51, Business Today reported.
The $TRUMP coins reached a market cap of $8 billion and trading volumes approaching $1 billion.
Only 200 million coins were up for grabs at the launch, but the supply is expected to expand to 1 billion tokens over the next three years.
It is not clear how much profit Trump earned following the release of his coins Friday. Representatives for the president-elect did not respond to The Post’s request for comment.
The venture is the latest in a series of merchandise released by the Trump Organization in recent months, which has also been peddling Trump-branded sneakers, fragrances, Bibles and digital trading cards.
The $TRUMP cryptocurrency is being billed as a “piece of history” that “celebrates a leader who doesn’t back down, no matter the odds,” according to the website.
A poster — reading “Fight! Fight! Fight” — advertising the coins shows a much-slimmer-looking Trump with his fist raised in an apparent reference to his assassination attempt.
However, the fine print also states that the coins are “not political and has nothing to do with any political campaign or any political office or governmental agency.”
“Trump Memes are intended to function as an expression of support for, and engagement with, the ideals and beliefs embodied by the symbol “$TRUMP” and the associated artwork, and are not intended to be, or to be the subject of, an investment opportunity, investment contract, or security of any type,” fine print at the bottom of the webpage warns.
The cryptocurrency was launched just two days before Trump’s inauguration and just hours after the president-elect announced the swearing-in ceremony would be held indoors thanks to frigid temperatures forecasted to grip the nation’s capital.
Trump, 78, will stay over Sunday night at Blair House and take tea Monday morning with outgoing President Biden before heading to the Capitol.
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