Donald Trump launched new memecoin and invited everyone to join his community

Returning U.S. President Donald Trump released $TRUMP, his own Solana-based memecoin. CIC Digital, a company that had previously created the billionaire’s official NFT collections, coordinated the launch.

“My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community,” Trump announced.

The new cryptocurrency started with 200 million tokens being issued; CIC Digital owns 80% of this amount, while 20% can be distributed between investors. Additionally, 800 million $TRUMP coins will be released over the next three years.

The incoming president’s wife, Melania Trump, also launched her namesake memecoin.

“You can buy $MELANIA now,” Melania posted.

According to Dexscreener, the memecoin soared instantly, reaching a market cap of $5 billion. That said, the price of Donald Trump’s token tanked by almost 40% after his spouse announced the release of her own digital asset.

Donald Trump will be inaugurated on January 20. Amid the preparations for the event, BTC’s price passed $100,000. However, Binance analysts believe that, despite Donald Trump’s return, the current excitement in the stock market raises questions about whether any new crypto-friendly measure will be taken in January.