The cryptocurrency market experienced a massive response on January 17th when Donald Trump, the recently elected president of the United States, unveiled his official meme coin, 'TRUMP.'. Within the first hour of the news, one trader received a windfall of $20 million in less than an hour.
Donald Trump launched the new meme coin on his social media platform, Truth Social, with these words: "My NEW Official Trump Meme is HERE! It's time to celebrate everything we stand for: WINNING!"
According to Cryptotimes, Donald Trump's $TRUMP memecoin launch on Solana has taken the crypto world by storm, becoming the hottest topic on several social media platforms. In just two hours of its launch, the coin surged over 4,200%, reaching a jaw-dropping $7.7 billion market cap.The sudden launch, combined with its massive growth, has sparked debates, confusion, and FOMO across social media.
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 https://t.co/GX3ZxT5xyq — Have Fun! pic.twitter.com/flIKYyfBrC
— Donald J. Trump (@realDonaldTrump) January 18, 2025
As per the news portal, a trader moved quickly and bought almost 6 million TRUMP coins for approximately $1.1 million using USDC. Within 90 seconds, this trader's investment became worth $23 million. Up to now, they have sold only a small portion but still have 5.43 million TRUMP on their hands, which gives them a profit of over $20 million, according to Lookonchain.
The explosive launch has attracted many users, but questions about account theft are also being asked. However, the price increase of the TRUMP coin and the trader's profit are the main topics of discussion in the crypto sphere at the moment.
According to Introbillion at Binance, with 200 million tokens in circulation, it has already hit $1 billion in trading volume and a market cap of $14.5 billion.
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