Donald Trump is rushed off stage by Secret Service during a campaign rally at the Butler Farm Show Inc. in Butler, on July 13, 2024. The incident has become the basis of the $TRUMP meme coin in which he is holding up his right fist and is imposed over the word “FIGHT” three times. File Photo by David Maxwell/EPA-EFE
Jan. 18 (UPI) — President-elect Donald Trump launched the $TRUMP crypto meme coin, which generated more than $6.27 billion in market capitalization, a 600% rise in one day.
The speculative coin, which represents his “fight, fight, fight” response to the assassination attempt, was trading for $31 Saturday afternoon for 200 million initially available and a planned 1 billion released over the next three years, USA Today reported.
According to Bitcoin.com, meme coins are cryptocurrencies or digital assets inspired by internet memes and online communities. “They often start as jokes or social experiments but can gain significant market value and attention due to their viral nature and community support,” according to the website.
Although the crypto coin is not intended as an investment opportunity, its value rose substantially overnight, Axios reported.
“It’s time to celebrate everything we stand for: WINNING!” Trump said while announcing the meme coin Friday in a Truth Social post.
The meme features an image of Trump holding up his right fist and imposed over the word “FIGHT,” which appears three times.
The image is reminiscent of Trump repeatedly imploring attendees to “fight” after he survived an assassination attempt that wounded his right ear during his political rally in Butler, Pa., on July 13.
Blockchain platform Solana developed the meme coin and intends to raise the initial allotment over the next three years, Forbes reported.
Trump Organization subsidiaries CIC Digital LLC and Fight Fight Fight LLC own the additional 800 million $TRUMP meme coins. There is a three-year unlocking schedule, meaning they cannot get rid of all their holdings at once.
The planned release of the billion coins has a $31.37 billion fully diluted valuation
The meme coin’s official website includes a disclaimer saying the meme coin is not intended as an investment opportunity or a security and is not political or affiliated with any political campaign, political office or government agency.
Trump hosted a “Crypto Ball” Friday night in Washington, D.C., and announced his official meme coin during the event held for the growing cryptocurrency industry.
Several other Trump-themed meme coins have been created, but $TRUMP is the first to be officially endorsed by Trump.
In September, sons Donald Jr. and Eric. launched World Liberty Financial, a platform for people to borrow, lend and earn interest on crypto.
During his presidential campaign, Trump vowed to create a bitcoin national stockpile and proclaimed “Crypto is the future. Let’s embrace this incredible technology and lead the world in digital economy.”
In December, he named venture capitalist and Elon Musk associate David Sacks as the artificial intelligence and crypto czar.