Most of the crypto community is pinning their hopes on the incoming Donald Trump administration as a breakthrough in the industry. Much of this optimism stems from promises made during his campaign, which many believe could herald a novel era of policies that favor cryptocurrency adoption and innovation.
While the administration hasn’t officially started yet, recent market trends have provided a taste of the excitement it may bring to the industry. This announcement comes in the form of Donald Trump’s newly launched memecoin, OFFICIAL TRUMP, which has generated a wave of enthusiasm comparable to the 2021 bull market. The coin not only made headlines, but also raised questions about the future of the industry.
Record debut of Trump Coin
On January 17, 2025, Donald Trump made a surprise announcement on social media platform Xrevealing the release of $TRUMP, a memecoin tied to his name and legacy.
According to the meme coin official websitethe meme coin was created in recognition of Trump’s “Courage and Strength” on July 13, 2024. Initially, there was skepticism about the legality of the TRUMP dollar, but official confirmations soon emerged and investors began buying in droves.
The meme coin, which launched on the Solana network, was immediately listed on major cryptocurrency exchanges including Bybit, KuCoin and Bitget. This resulted in a huge enhance in its value within hours and it quickly climbed the ranks of cryptocurrencies in terms of market capitalization.
Several cryptocurrency analysts have raised concerns about the meme coin’s allocation as 80% of the $1 billion TRUMP tokens created have been allocated to issuers. However, this was not enough to discourage buyers, both venerable and novel cryptocurrency investors it kept coming.
As of this writing, the official price of Trump’s meme coin is $42.2, has a market capitalization of $9.39 billion, a fully diluted value of $46.93 billion, and a 24-hour trading volume of $11.24 billion. The scale of these numbers was unprecedented, and the meme coin officially broke previous records for activity and trade volume among newly introduced cryptocurrencies
The meme coin has also sparked demand for Solana, its parent blockchain. This, in turn, has caused the price of Solana to enhance by double digits in the last 24 hours and is currently trading at all-time high above $275.
Where is the cryptocurrency industry heading?
The US president-elect’s creation of a meme coin was unprecedented, but it undoubtedly shows Trump’s positive attitude towards cryptocurrencies. As such, the impact of $TRUMP’s launch is expected to extend beyond its immediate success. This could be the much-needed ground needed for bullish momentum like the 2021 bull market to return.
The launch of the meme coin has also highlighted the growing intersection of politics and cryptocurrencies. Recent discussions regarding creation of a Bitcoin reserve AND prioritized US-based digital currenciessuch as Solana and XRP, have further highlighted the role that digital assets can play in shaping financial policy under Trump’s leadership.
Interestingly, the success of the meme coin has not hindered Bitcoin’s current growth. The leading cryptocurrency has she continued her way up above the $100,000 level with proceeds to official Trump ($TRUMP).
Featured image from Axios, chart from TradingView
