Donald Trump's memecoin $TRUMP has caused a stir in the cryptocurrency community, reaching a market capitalization of $10 billion in a short time.
The Sudden Success of $TRUMP
$TRUMP has quickly drawn attention from both retail traders and major market participants. Social media has been abuzz with discussions of the coin's rapid market cap rise to $10 billion. A post from The Kobeissi Letter on platform X highlighted that the memecoin outperformed the last 40-year return in the S&P 500. Moreover, $TRUMP's liquidity pool stands at $316.7 million, with a fully diluted valuation (FDV) matching its market cap at $10.06 billion. The 24-hour trading volume exceeded $1.12 billion, with the coin's price surging by 5,415%.
Trump's Support for Crypto
The launch of $TRUMP occurred just days before Donald Trump's inauguration as the 47th U.S. president, signaling his support for the crypto world. One of Trump's first actions was appointing Paul Atkins as the new SEC Chair, succeeding Gary Gensler.
Market Dominance
$TRUMP's meteoric rise parallels other meme coins such as Dogecoin and Shiba Inu. Launched on the Solana blockchain, $TRUMP has solidified its position among successful meme coins. At press time, $TRUMP ranks 31st in the market, with a peak price of $24.5, currently trading at $19.8, and an FDV of $19.79 billion.
The rapid evolution of $TRUMP is of great interest to the crypto community, eagerly anticipating further developments, especially with Donald Trump's upcoming inauguration.
