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Trump's $TRUMP Memecoin on Solana Surges 10,000%, Surpasses Dogecoin with $30 Billion Market Cap

Jan 18, 2025, 11:40 AM

President-elect Donald Trump has launched a memecoin named $TRUMP on the Solana blockchain, causing a surge in trading volume and market capitalization. The token was announced on Trump's official Truth Social and X accounts on January 18, 2025. Within hours, $TRUMP's value increased over 10,000%, and its market capitalization soared to over $30 billion, surpassing major memecoins like Dogecoin and Shiba Inu. The rapid rise drove Solana's 24-hour decentralized exchange trading volume to a new all-time high of $12.9 billion. Some traders reportedly turned initial investments of $1 million into over $100 million. Analysts note that 80% of the token supply is held by wallets affiliated with Trump-affiliated LLCs, raising concerns among investors about the high concentration of ownership. Despite skepticism over the coin's legitimacy, $TRUMP attracted significant attention, with over 400,000 holders and notable trading profits reported. The launch marks the first time a U.S. President has launched a cryptocurrency, highlighting the growing influence of digital assets in mainstream finance.