$Trump

$TRUMP (stylized in all caps) is a meme coin associated with United States president Donald Trump, hosted on the Solana blockchain platform. One billion coins were originally created; 800 million remain owned by two Trump-owned companies, after 200 million were publicly released in an initial coin offering (ICO) on January 17, 2025. Less than a day later, the aggregate market value of all coins was more than $27 billion, valuing Trump's holdings at more than $20 billion. A March 2025 ''Financial Times'' analysis found that the crypto project netted at least $350 million through sales of tokens and fees.

The venture has faced widespread condemnation from ethics experts for Donald Trump's conflicts of interest related to the project and his presidential duties. During the second Trump administration, Trump has promoted $TRUMP and taken actions that have raised the value of the meme coin, contributing to a substantial increase in his net worth.

History

The Trump meme coin was launched on January 17, 2025, three days before Trump was inaugurated as president of the United States. The lack of a public announcement initially led to concerns that the cryptocurrency was a scam and might have no association to the president-elect. Several hours later, Trump announced $TRUMP on his X and Truth social accounts. The meme coin website described it as the "only official Trump meme". Its logo is a cartoon image of Trump raising his fist after surviving the attempted assassination in July 2024. A disclaimer said that the coin was "not intended to be, or the subject of" an investment opportunity or a security and was "not political and has nothing to do with" any political campaign, political office or government agency. The terms of the offering prohibit coin buyers from joining any class-action lawsuits against the project and assert indemnity against any claims. Trump promoted the coin on the night of its ICO while a "Crypto Ball" was underway.

After its launch, its price soared by over 300% overnight. Within two days, it became the 19th most valuable form of cryptocurrency in the world, with a total trading value of nearly $13 billion, and a total of $29 billion worth of trades based on a $64 value of each of the 200 million tokens issued by the afternoon of January 19. ''The New York Times'' reported that Trump affiliates controlled an additional 800 million tokens that, hypothetically, could be worth over $56 billion, potentially making Trump one of the richest people in the world at an estimated net worth of $63.8 billion. On January 19, 2025, Trump's wife Melania launched her own meme coin, $Melania.

A March 2025, a ''Financial Times'' analysis found that the crypto project netted at least $350 million ($314 million from the sale of the tokens and $36 million from fees).

Private dinner

In April 2025, the top 220 holders of the coin were offered dinner with the president, and the very top 25 holders would receive a special VIP White House tour. Following the announcement, the coin jumped more than 50%. Analysis found that leaked information about the promotion allowed certain traders to make bets on the coin before it was publicly announced. According to ''The New York Times'', certain buyers in interviews and statements said they "bought the coins or entered the dinner contest with the intention of securing an action by Mr. Trump to affect United States policy". On May 13, ''The New York Times'' reported that GD Culture Group, a small company with ties to China, no reported revenue in 2024, and affiliated with TikTok, announced it would spend $300 million on purchasing Bitcoin and $TRUMP using proceeds from "a stock sale to an unnamed entity in the British Virgin Islands". The purchase was the first known instance of a China-linked firm buying Trump's cryptocurrency. TikTok is facing a ban in the US, although Trump has postponed the decision several times.

Token distribution

According to the memecoin's website, ownership of the token is largely concentrated in two Trump owned entities: CIC Digital LLC and Fight Fight Fight LLC, which together hold 80 percent of the coins remaining after the ICO. Trump's personal profit under this ownership structure is unclear. The holdings are scheduled for gradual release over three years.

SEC Classification

The SEC's Division of Corporation Finance stated that meme coins like $TRUMP do not qualify as securities under federal law, citing their speculative nature and lack of inherent utility. However, CFTC officials argued for jurisdiction over meme coins as commodities, emphasizing their authority to prosecute market manipulation.

Reception

Some crypto executives and investors said Trump had undermined the credibility of the industry they had worked hard to build by selling coins known for their speculative nature and extreme volatility. They also noted Trump's brazen conflict of interest by setting crypto market policies while directly benefiting from participating in the market. Some noted its similarity to a " rug pull", in which a coin is launched and quickly abandoned, leaving early investors with steep losses. ''The Wall Street Journal'' reported "Even the most ardent Trump supporters reached a breaking point when the $MELANIA token launched less than 48 hours after" $TRUMP, with one urging Trump to fire the advisor who recommended it. Erik Voorhees, a prominent Bitcoin investor, criticized the coin as "stupid and embarrassing".

The crypto venture was criticized by ethics experts and government watchdogs. The venture and the possibility of foreign governments buying the coin and enriching Trump was highlighted as possibly violating the Constitution's foreign emoluments clause. Critics said it could allow special interests and foreign governments to seek to buy influence with the president.

The release of $Trump was condemned by ethics lawyers, including Adav Noti, the director of the Campaign Legal Center, and Jordan Libowitz, the vice president for communications at Citizens for Responsibility and Ethics in Washington. Nick Tomaino, a former executive at Coinbase, described Trump's ownership and the timing of the cryptocurrency as "predatory". Anthony Scaramucci, a former White House Communications Director during the first Trump administration and current crypto investor, described the coin as "Idi Amin level corruption" and said that the launch of the coin was bad for the cryptocurrency industry. He added, "Now anyone in world can essentially deposit money into bank account of President of USA with a couple clicks." Brendan Fischer, the deputy executive director at ''Documented,'' an investigative news outlet, said, "The timing of this launch cannot be a coincidence. It comes just after Trump's campaign ended, and just before he formally takes office and is fully subject to federal ethics rules." With the coin having slumped in value as of the end of early February 2025, the circumstances around the coin have led to wide condemnation from ethics experts and concerns over conflicts of interest as well as allegations from members of Congress that have called for an investigation.

Concerns were raised with some analysts described it as a pump and dump scheme while others viewed it as a "disaster". A forensic analysis commissioned by ''The New York Times'' concluded that 813,294 wallets lost $2 billion by trading the coin while the president's company and partners profited about $100 million from trading fees. According to ''Fortune'', "Less than three weeks after its release, President Donald Trump's memecoin has produced more losers than winners. For every dollar in trading fees the Trump crypto creators raked in, investors lost $20."

Representative Sam Liccardo, a Democrat who represents Silicon Valley, introduced the Modern Emoluments and Malfeasance Enforcement Act (MEME Act), which would prohibit the issuance or endorsement of any financial asset by the president, senior White House officials, or members of Congress, or their spouses or children. Unlike the Hatch Act, it would introduce a private right of action for anyone harmed by purchasing such assets.

See also

* Donald Trump's stance on cryptocurrencies
* $Libra cryptocurrency scandal, meme coin associated with Argentinian president Javier Milei
* Trump Rebate Banking system, fraudulent products that use Trump's name and likeness
* World Liberty Financial, a decentralized finance project linked with the family of Donald Trump

References

External links

*

{{Trump businesses

Solana
2025 establishments in the United States
Business career of Donald Trump
Cryptocurrency in the United States
Internet memes introduced in 2025
Meme coins
Second presidency of Donald Trump
Currencies introduced in 2025
Corruption in the United States