Bitcoin and cryptocurrencies have rocketed higher since Donald Trump’s U.S. election victory, riding a wave of optimism into 2025 despite a stark Elon Musk price warning.
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The bitcoin price has reclaimed $100,000 per bitcoin after dropping to around $90,000 earlier this month as leaks reveal Trump could be about to cause bitcoin price chaos.
Now, as traders scramble to get ahead of the Federal Reserve, a new memecoin promoted by Trump on X and Truth Social has sent expectations of a Trump inauguration bombshell sky high.
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Donald Trump has sent the price of new bitcoin rival soaring.
“My new official Trump meme is here! It’s time to celebrate everything we stand for: winning! Join my very special Trump community. Get your $trump now,” Trump’s X account posted alongside a link to a website that allowed users to buy the cryptocurrency and adding: “Have fun.”
The cryptocurrency was not immediately confirmed as official by non-social media channels, with many speculating Trump’s X and his Truth Social account that posted a similar message might have been hijacked by scammers. However, the post was not deleted even after additional posts appeared on Trump’s Truth Social account, suggesting he still controls it.
The memecoin—a type of cryptocurrency similar to bitcoin that derives value from the level of community interest and engagement—has been launched on the solana blockchain and has made 200 million of the Trump cryptocurrency available, with the supply set to grow to a total of one billion over three years, according to its website.
The Trump memecoin has rocketed to a market capitalization of over $20 billion in just a matter of hours, according to on-chain data, eclipsing other popular memecoins and causing other major cryptocurrency prices to fall as traders sell them and buy the Trump coin.
Trump’s promotion of the memecoin just days before his inauguration in Washington DC sent shock waves through the world of bitcoin and crypto, with traders and analysts betting it will mean further volatility ahead for markets.
“This is beyond insane,” analysts with The Kobeissi Letter posted to X. “What is happening?”
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The price of Donald Trump’s new memecoin has surged, catapulting it toward the bitcoin and crypto … [+]
“The incoming president of the United States just launched a meme coin days before his inauguration,” crypto investor and YouTuber Anthony Pompliano posted to X. “Financial markets are not ready for what is ahead—buckle up.”
“This is just a taste of what we can expect for the next four years,” crypto trader and YouTuber Ran Neuner posted to X, adding: “You’re not bullish enough.”
This week, a series of leaks have suggested Trump is gearing up to issue a flurry of executive orders that will shake up the crypto landscape soon after his Monday January 20 inauguration.
Meanwhile, bitcoin and crypto company executives gathered in Washington for a so-called crypto ball on Friday, intended to drive support for Trump among the crypto community and demonstrate its value to the incoming administration.
