TL:DR;

With just days left until he steps into office, Donald Trump has once again taken the crypto communitys focus. This time, its because he has evidently launched a meme coin that has already soared in value and is among the top 40 largest altcoins by market cap.

Trumps Official Meme Coin

Its safe to say that the crypto community has seen a lot of strange things in the past decade, especially when it comes down to meme coins. After all, there are some based on dogs, cats, famous frog characters, dead squirrels, and so on.

However, its not every day that you see the promotion of a meme coin made by the president-elect of the worlds largest economy. Donald J. Trump, through his official accounts on Truth Social and X, announced yesterday that he has a new official meme coin and urged his almost 100 million followers to join my very special Trump Community.

My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR $TRUMP NOW. Go to https://t.co/GX3ZxT5xyq — Have Fun! pic.twitter.com/flIKYyfBrC

A lot of people questioned the legitimacy of the project and guessed that his account was hacked. However, that doesnt seem likely at the moment. The meme coins website resembles those made for Trumps official NFT collections in the past, credited to the same licensee CIC Digital.

It shows that the current circulating supply is 200 million, but it could go up to as high as a billion within the next three years. Somewhat alarmingly, the groups that will own the biggest shares are creators and CIC Digital, with a total percentage of 72%.

While others praised the move and officially welcomed Trump to the cryptocurrency space, even though he already has such a project called World Liberty, some, such as ZachXBT, were a lot more skeptical.

Welcome to Top 40

OFFICIAL TRUMP (TRUMP) is obviously todays top gainer, and its value has skyrocketed by triple digits. According to data from CMC and CG, its market cap has soared to over $4 billion. Although the two platforms have slightly different valuations ($4.3 billion vs $4.05 billion) at press time, TRUMP has entered the top 40 largest alts by market cap on both.

Moreover, TRUMPs gains come amid a massive retracement from all other meme coins based on his presidential campaign and upcoming presidency.