Trader Gains $20M In 1 Hour After Trump Launches ‘Trump’ Coin

In a surprise announcement on January 17, the newly elected president of the United States, Donald Trump, unveiled his official meme coin, dubbed ‘TRUMP,’ on his social media platform, Truth Social. The former president declared, “My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING!”

Developed on the Solana (SOL) blockchain, TRUMP debuted with a total supply of 200 million tokens. However, the total supply is set to reach 1 billion over the next three years. The launch sent shockwaves through the cryptocurrency market, with the price of TRUMP skyrocketing from an initial $0.18 to a staggering high of $3.7 shortly after the announcement.

As of now, TRUMP is trading at an astonishing $7.1, marking a remarkable 4000% increase from its starting price and boasting a market capitalization of $6.8 billion.

One trader capitalized on the frenzy, swiftly purchasing nearly 6 million TRUMP coins for approximately $1.1 million in USDC. In just 90 seconds, this bold investment ballooned to a value of $23 million. Although the trader has sold a small portion of their holdings, they still retain 5.43 million TRUMP coins, securing a profit of over $20 million, according to data from Lookonchain.

The explosive launch has drawn significant attention, attracting a wave of new users eager to participate in the TRUMP coin phenomenon. However, alongside the excitement, concerns about account theft have also emerged, casting a shadow over the ongoing discussions. For now, the soaring price of the TRUMP coin and the trader's remarkable profit remain the hot topics in the crypto community.