ALBAWABA- President-elect Donald Trump has made headlines once again with the launch of his meme cryptocurrency, aptly named "Trump."
Built on the Solana blockchain, the new digital currency saw an unprecedented surge of 4,200% within its first two hours of trading, reaching a market capitalization of $7.7 billion.
The cryptocurrency’s value continued its meteoric rise, hitting $8 billion in less than three hours. Trading volumes soared, nearing $1 billion within minutes of Trump’s announcement.
Concerns over the security of Trump’s social media accounts arose during the launch, but the rapid growth of the coin remained unaffected.
Trump took to his social media platforms, including Truth Social and X, to promote the cryptocurrency. "Here is my new official Trump coin—it's time to celebrate everything we stand for," Trump said.
He encouraged his followers to join his exclusive community, adding, "Get your Trump meme coin now."
The initial trading price of the coin was $18, and it quickly gained momentum. Within the first three minutes, the coin’s value rose by 300%. By 12:45 a.m. EST, the market cap reached $10 billion.
Just three minutes later, it jumped to $11.6 billion, adding $1.6 billion in that short time. Five minutes after that, its value soared to $12.5 billion, marking an overall increase of $2.5 billion in just ten minutes.
The explosive growth of Trump’s cryptocurrency has even surpassed the 40-year returns of the S&P 500 index, cementing its position as a financial phenomenon.
