The newly elected president of the United States, Donald Trump, introduced his official meme coin ‘TRUMP’ on the 17th of January and the reaction in the cryptocurrency market was immense. In less than an hour, one trader had a windfall of $20 million within the first hour of the announcement.
Trump launched the new meme coin on his social media platform, Truth Social, with these words: “My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING!”
The coin was developed on Solana (SOL) and had a total of 200 million tokens at its launch; however, the total supply will be 1 billion in the next three years.
After the announcement, the price of TRUMP went up significantly from $0.18 to a high of $3.7. Currently, TRUMP is at $7.1, up by an astonishing 4000% from its start with a market capitalization of $6.8 billion.
But wait, there is more to it. A trader moved quickly and bought almost 6 million TRUMP coins for approximately $1.1 million using USDC. Within 90 seconds, this trader’s investment became worth $23 million. Up to now, they have sold only a small portion but still have 5.43 million TRUMP on their hands, which gives them a profit of over $20 million, according to Lookonchain.
The explosive launch has attracted many users, but questions about account theft are also being asked. However, the price increase of the TRUMP coin and the trader’s profit are the main topics of discussion in the crypto sphere at the moment.
Also Read: Donald Trump Prepares Executive Order to Prioritize Crypto Industry
