Donald Trump launched a cryptocurrency "memecoin" called "$Trump" before taking office for his second term as President of the United States.

He announced the launch of the project on Friday night at Truth Social and X. The asset has since surged in value, more than tripling from about $20 per token to over $70, with trading volume at least $24 billion and a market capitalization of over $14 billion as of Sunday morning.

A “memecoin” is a cryptocurrency inspired by trends such as Internet memes, has no inherent utility, and is often susceptible to price swings and crashes. The "Hawk Tuah Girl" meme coin fell 95% shortly after its launch last month, with its market value falling from $500 million to $25 million, and investors filed an insider trading complaint with the SEC.

The cryptocurrency community has been eagerly awaiting Trump's second term in anticipation of a favorable regulatory environment, with Trump claiming that he intends to make the United States "the crypto capital of the earth."

The president-elect nominated Paul Atkins, a well-known cryptocurrency enthusiast who has served as chairman of the cryptocurrency advocacy group Digital Chamber Token Alliance since 2017, to serve as chairman of the U.S. Securities and Exchange Commission (SEC). Co-Chair.

Trump also promised to issue an executive order to establish a cryptocurrency advisory committee composed of up to 20 members after taking office.

The speculative nature of crypto-assets has raised concerns about potential bubbles, with political endorsement and support driving asset prices well beyond fundamental value and failing to reflect the risks associated with investing.

Larisa Yarovaya, associate professor of finance and director of the Center for Digital Finance at Southampton Business School, writes: “Paradoxically, strong political and government support for cryptocurrencies poses a threat to their decentralized ethos and may ultimately undermine the appeal of crypto-assets force." reported for The Guardian earlier this month. “If the SEC turns a blind eye in 2025, consumers may be completely unprotected from financial harm, especially when another memecoin bubble bursts.”

According to the Trump Meme Coin website, a company owned by Trump called CIC Digital LLC owns 80% of the coin's 200 million token supply, which is expected to grow to 1 billion within three years.

Trump previously released multiple batches of cryptocurrency trading cards during his presidential campaign, with total revenue from each release exceeding $4 million. His sons Eric Trump and Donald Trump Jr also launched a cryptocurrency venture, World Liberty Financial, in 2024, raising concerns about public conflicts of interest.

Leading cryptocurrency companies have invested at least $10 million into Trump's inaugural fund.

Meme Coin’s website includes a disclaimer stating: “The Trump Meme is intended to express support for and participation in the ideals and beliefs embodied in the “$TRUMP” symbol and associated artwork, and is not intended to or be an investment opportunity, investment The subject of a contract or security of any kind. GetTrumpMemes.com is not political and is not affiliated with any political campaign, any political office or government agency.”