President-elect Donald Trump has launched his own cryptocurrency. The $TRUMP meme coin has tumbled from its peak already but still has a $39 billion valuation as of early Tuesday. The bulk of that is held by Trump and his businesses.
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Trump declared $TRUMP as his “Official Trump Meme” coin on social media Friday night.
The $TRUMP coin skyrocketed to just above $75 early Sunday but is currently above $39 amid big price swings. The market cap is now $7.8 billion. But the fully diluted valuation is roughly $39.2 billion.
The $TRUMP website says 80% of the meme coin is held by Trump Organization affiliate CIC Digital, and a CIC co-owned entity called Fight Fight Fight. So $TRUMP, at least on paper, currently accounts for the majority of President Trump’s wealth.
Separately, the president-elect’s wife, Melania Trump, launched her own $MELANIA meme coin on Sunday afternoon. Off Sunday’s peak exceeding $13, it’s near $4.7 with a $4.65 billion valuation.
$TRUMP’s price appeared to plunge, at least for a short time, around the time $MELANIA launched.
Trump Seen As Pro-Crypto
The $TRUMP meme coin launched just ahead of Trump’s inauguration. Trump reportedly will issue executive orders on bitcoin and the crypto industry on his first day or soon after. He’s expected to take a lighter regulatory touch overall. During the campaign, Trump also said he would create a bitcoin strategic reserve.
Bitcoin traded below $103,000 Monday night after hitting a new all-time high of $109,134.79 overnight. The price shot up to nearly $106,000 intraday Friday on the reports of looming Trump executive orders on bitcoin. The pioneer cryptocurrency traded at 104,767.70 as of 4 p.m. ET Friday.
Trump had not issued an bitcoin-related actions as of early Tuesday.
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$TRUMP Or DJT Stock?
Shares of Trump Media & Technology (DJT) have acted as a Trump sentiment indicator during the campaign and after the election. Trump Media, parent of Truth Social, has significant losses and scant revenue, but has a market cap of $8.68 billion as of Friday’s close. Donald Trump is the majority owner.
Going forward, will the $TRUMP meme coin become the new Trump sentiment indicator, or will both continue to serve that role?
DJT stock fell 7% early Tuesday.
Please follow Ed Carson on Threads at @edcarson1971 and X/Twitter at @IBD_ECarson for stock market updates and more.
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