Donald Trump’s newly launched TRUMP meme coin instantly gains traction, massively rewarding traders who bought the Solana-based token early.
The US president-elect reiterated his admiration for the crypto sector by officially announcing the launch of his meme coin on January 18 despite early skepticisms and speculations of a possible hack.
Trump unveiled the official Trump meme coin in a tweet today, sparking reactions from the crypto community. He noted the Solana-based token “celebrate everything we stand for,” attaching the meme coin’s address in an accompanying picture.
TRUMP Surpasses $3B Market Cap in Hours
The Trump token instantly gained traction among market participants, who incessantly aped into the meme coin. The massive buy-in spurred a market cap explosion and a corresponding price upsurge.
At the time of writing, data from DEXScreener shows that TRUMP has crossed $3.8 billion with an $18 billion fully diluted valuation (FDV) despite launching less than eight hours ago. The asset’s surging valuation has seen it break into the top 40 cryptocurrencies by market cap.
Meanwhile, its price has surged, enhanced by its fair total supply of 200 million TRUMP. At press time, the meme coin trades at $19.01, up a staggering 9,621% since its hours-long launch.
User Sits on $104M Unrealized Profit
Amid the buzz, Lookonchain drew the crypto community’s attention to a user who has benefited immensely from the TRUMP token. The on-chain tracker shared that the user swapped 1.1 million USDC for 5.97 million TRUMP immediately after the token launched.
Data from DEXScreener shows that the wallet “GQSc2C” bought the Trump meme coin at an average price of $0.1835 at around 03:01 (UTC) today. Although Lookonchain noted that it sold 543,000 TRUMP for $404,000, DEXScreener shows the wallet still holds 5.97 million TRUMP.
At the current price, the wallet sits at an unrealized profit of $104 million, a staggering 9,354% return on investment.
Meanwhile, other users secured notable gains from the TRUMP token. For context, 0xSun, the founder of 0xSun.Sol Group has also realized over $3.7 million from the meme coin.
Data from Solscan shows he bought 999,895 TRUMP with 3,000 SOL at an average price of around $0.6. So far, he has sold 899,895 TRUMP ($3.115 million) and still holds 100,000 TRUMP ($1.68 million).
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
