“Trump launches meme coin, apparently makes more than $25 billion overnight”

Axios:

President-elect Trump launched his own cryptocurrency overnight and swiftly appeared to make more than $25 billion on paper for himself and his companies.

Why it matters: The stunning launch of $TRUMP caught the entire industry off-guard, and speaks to both his personal influence and the ascendancy of cryptocurrency in his administration.

  • It also speaks to the nature of the crypto industry that someone could have $25 billion worth of something that literally did not exist 24 hours previously.

Catch up quick: Friday night, while Trump was reportedly hosting a “Crypto Ball” for the industry in Washington, the president-elect launched his own meme-linked cryptocurrency.

  • His website bills it as “the only official Trump meme.”
  • While a number of Trump-branded meme coins popped up in recent months, none had his official endorsement until now.

By the numbers: According to CoinGecko price data, $TRUMP rose more than 600% overnight and was trading just over $32 as of 11 a.m. ET Saturday.

  • That gives the coin a fully diluted market capitalization just north of $32 billion.
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