Hold onto your hats, folks, because the crypto world just got a whole lot more interesting! In a whirlwind of excitement, a new meme coin named after none other than United States President Donald Trump has taken the market by storm. In just under a week since its debut, this token has sent shockwaves through the crypto community, racking up a staggering $38 billion in spot trading volume across centralized exchanges.
Launched on January 17, the Official Trump (TRUMP) token has become the talk of the town, with trading activity soaring and investors diving in headfirst. By January 19, the coin's trading volume hit a jaw-dropping $17 billion, and it's only continued to climb. The latest figures suggest that the trading volume has nearly doubled in just a few short days!
Leading the charge in trading volume is the crypto giant Binance, boasting a whopping $16 billion, while other platforms like OKX and Bybit are hot on its heels with $7 billion and $6 billion, respectively.
So, what's all the fuss about? The Trump meme coin, built on the Solana blockchain, was designed to rally around the former president's ideals. With 200 million TRUMP tokens currently in circulation and a goal of hitting one billion over the next three years, the coin has certainly grabbed attention.
In an astonishing turn of events, TRUMP catapulted into the ranks of the top 20 altcoins on platforms like CoinGecko and CoinMarketCap, peaking with a market cap of nearly $15 billion. It even muscled its way into the meme coin scene, sitting pretty just behind Dogecoin (DOGE).
The buzz was undeniable—TRUMP became the hottest topic in the crypto sector, and for good reason. In just 48 hours, its price skyrocketed from nada to a cool $72. Although the price has since corrected, now trading at $35.88, it's still up more than 450% from its initial trading price of $7 on January 18.
But the crypto rollercoaster doesn't stop there. The market cap for Official Trump now hovers around $7.18 billion, with some attributing the recent dip to the launch of a rival meme coin, MELANIA, by First Lady Melania Trump.
In a twist of irony, President Trump tried to downplay the meteoric rise of the TRUMP token at a press briefing, but it's hard to ignore the fact that this memecoin frenzy has minted new crypto millionaires almost overnight. So, there you have it—a wild ride in the world of crypto, courtesy of the one and only Donald Trump!
