Former U.S. President Donald Trump has entered the cryptocurrency market with a bang, launching his $TRUMP meme coin. In a dramatic debut, the token skyrocketed over 300% within hours, reaching a market cap of $8 billion and trading volumes approaching $1 billion.

Announced just days before Trump’s inauguration for his second presidential term, $TRUMP has taken the crypto world by storm. The token’s initial value of $0.18 surged to $7.1 shortly after its launch, later peaking at $21.51—a staggering 231.61% increase, according to CoinMarketCap data.

Built on the Solana blockchain, $TRUMP boasts a capped supply of 1 billion tokens, with 200 million coins initially released. The remaining supply will be distributed in phases over three years. Ownership is concentrated, with 80% of the tokens held by CIC Digital LLC, a Trump Organisation subsidiary, and Fight Fight Fight LLC, a newly established Delaware-based entity.

Trump took to his platforms, Truth Social and X (formerly Twitter), to introduce the coin, branding it as his “official Trump meme” and encouraging followers to acquire tokens within a 48-hour window via the website gettrumpmemes.com. The coin draws inspiration from Trump’s rallying slogan, “Fight, Fight, Fight,” a phrase linked to his resilience after surviving an assassination attempt in July 2024.