President-elect Donald Trump’s memecoin has made 525 people incredibly wealthy.
Investors have struck it rich after putting their money into Trump’s $Trump memecoin.
If you haven’t been following the crypto scene lately, you might have missed that Trump launched his memecoin just as he’s gearing up for his inauguration tomorrow (January 20).
The soon-to-be 47th president of the US tweeted from his official Truth Social account, inviting his followers to join him in ‘winning’ to mark the start of his presidency.
The website states: “This Trump Meme celebrates a leader who stands firm, regardless of the challenges.”
However, it also includes a disclaimer clarifying that the coin is ‘not intended to be, or the subject of’ an investment opportunity and is ‘not political and has nothing to do with’ any campaigns, individuals, or offices.
It clarifies that it’s not meant to show any support for or connection to the ideals and beliefs represented by the symbol $TRUMP, nor is it designed to be an investment opportunity, contract, or any type of security.
Managed by CIC Digital LLC, which is linked to the Trump Organization, the meme coin did something that took many by surprise—it shot up to billions almost overnight.
In just six hours, its price jumped from a few cents to $14, and it just kept going up from there.
Shortly after it launched, the market cap hit nearly $5.5 billion, according to CoinMarketCap.com, making 500 traders millionaires thanks to their investments.
Although only about 200 million coins have been released, the site mentioned that 800 million more will be available over the next three years for traders to grab.
While a lot of people have struck it rich with their investments, some have accused Trump of profiting from the coin.
Nick Tomaino, a crypto venture capitalist, expressed on social media: “Trump owning 80 percent and launching it just hours before the inauguration is predatory, and many could end up getting hurt by it.”
A news site called SolanaFloor recently shared on X that a trader has made a whopping $29.8 million from $TRUMP, the official memecoin of Donald Trump on Solana. They initially invested $1.09 million to snag 5,971,750 TRUMP coins, which skyrocketed in value to $30.8 million in just under two hours—talk about a 2,634% return! So far, the trader hasn’t sold any of their coins.
As of now, this memecoin has shot up to become the second largest in the market, with a 272% surge in investments.
Onchain data shows that it racked up over $3 billion in trading volume just hours after launching, boasting a market cap of $2 billion. Early investors have seen paper gains exceeding $70 million, while smaller traders have made around $1 million.
This is a significant moment in the crypto space since it’s the first time a president has lent their image to a memecoin.
A screenshot from traders indicates that more than 525 people became $TRUMP millionaires in less than 24 hours after investing.