Trump Launches $TRUMP Memecoin to $7 Billion in Just an Hour

President-elect Donald Trump launched a memecoin on Friday that quickly topped a $7 billion market cap.

A tweet from President Trump's Truth Social accounts and his verified X account announced $TRUMP just before 10 PM EST. An hour later it was trading with a market cap above $7 billion.

"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 http://gettrumpmemes.com — Have Fun!" Trump tweeted.

Despite many thinking the memecoin was potentially the result of a hack, the site advertising the memecoin matched the same company behind Trump's prior NFT Cards: CIC Digital.

The token launched with 200 million tokens at generation and described a token lockup that would eventually scale to 1 billion tokens, with 80% scheduled to be allocated for the creator team and CIC Digital. No tokens allocated to the team would be released before three months, according to the distribution schedule.

The token launch comes just three days before Trump's inauguration and SEC Chair Gary Gensler's resignation.

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