Trump’s Official Memecoin Achieves $3 Billion Trading Volume in Hours
On Saturday, a new memecoin linked to Donald Trump was launched, raising questions about its authenticity. Traders expressed uncertainty over whether it was officially backed by Trump or a potential scam.
- The token's price surged from a few cents to $14 within six hours.
- Trading volume reached $3 billion, with a market capitalization of $2 billion.
- Early investors gained over $70 million in paper profits, while some smaller traders saw gains of up to $1 million.
- The launch occurred shortly before Trump's inauguration on January 20.
- The token's website clarified that it is not an investment opportunity and aims to express support for Trump's ideals.
- Other Trump-themed memecoins experienced declines, dropping by as much as 50% in value.
CoinDesk has not confirmed the legitimacy of the token as of early European hours on Saturday.