Trump's $TRUMP Memecoin on Solana Soars 14,000%, Surpasses Dogecoin with $30 Billion Market Cap

Jan 18, 2025, 03:54 PM

President-elect Donald Trump has launched his own cryptocurrency, the $TRUMP memecoin, ahead of his inauguration. Built on the Solana blockchain, the token saw its price skyrocket from $0.18 to over $30 in less than 24 hours, marking a gain of over 14,000%. The market capitalization surged to over $30 billion, making it the 12th largest cryptocurrency and surpassing major memecoins like Dogecoin. With an initial supply of 200 million tokens and plans to expand to 1 billion over three years, the coin attracted 335,000 holders and recorded trading volumes exceeding $12 billion. Liquidity reached $308 million, and the coin's rapid ascent sparked both enthusiasm and skepticism within the crypto community. Concerns have been raised about the concentration of tokens, as 80% are reportedly held by Trump-affiliated entities or a single wallet. Trump promoted the coin on his Truth Social and X accounts, fueling the frenzy that led to massive buys and an influx of investors.