Donald Trump’s recent foray into the cryptocurrency space with his newly launched meme coin, $TRUMP, has taken the market by storm. Within a short time, the coin has reached a staggering $10 billion market capitalization, positioning itself as one of the most notable projects in the meme-coin niche.
The rapid rise of $TRUMP has drawn attention from retail traders and larger market participants. The project has been heavily discussed across social media platforms.
A post from The Kobeissi Letter on X highlighted that the memecoin “has now outperformed the last 40-year return in the S&P 500.” This statement shows the significant gains investors in $TRUMP have seen in under a day.
BREAKING: Donald Trump's memecoin, $TRUMP , officially hits $10 billion in market cap.
It has now outperformed the last 40-year return in the S&P 500. pic.twitter.com/agkYMfXDSZ
— The Kobeissi Letter (@KobeissiLetter) January 18, 2025
The Kobeissi Letter shared further details about the coin, showing the liquidity pool of $TRUMP at $316.7 million, and its fully diluted valuation (FDV) matching its market cap at $10.06 billion.
The coin has experienced remarkable trading activity, with a 24-hour volume exceeding $1.12 billion. Furthermore, the coin’s price has surged by 5,415% in just one day, reflecting strong investor interest and market momentum.
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Trump’s Support For Crypto
This launch comes as meme coins dominate certain sectors of the cryptocurrency market. However, $TRUMP appears to have captured a unique segment of the market, leveraging the U.S. President-elect’s brand and public image.
This meme coin launched just days before Trump’s inauguration as the 47th president of the U.S. and is a clear sign of his support for the crypto world. One of the first major steps Trump has taken to favor the crypto market is his nomination of Paul Atkins as successor to SEC Chair Gary Gensler.
MaturingMarket Dominance
The meteoric rise of $TRUMP parallels the performance of other meme coins like Dogecoin and Shiba Inu, which have gained significant popularity. $TRUMP was launched on the Solana blockchain, further cementing its status as one of the top blockchains for successful meme coin launches.
At press time, $TRUMP was ranked #31 in the market and rising fast. The asset has hit an all-time high of $24.5 and is currently trading at $19.8 with an FDV of $19.79 billion. With this spectacular performance in just a few hours, the crypto community is excited to see how well it will perform in the coming days, especially with Trump’s inauguration on Monday.
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