A meme coin launched by President-elect Donald Trump over the weekend has seen its market cap soar past $13 billion, marking his latest venture into the cryptocurrency world and merchandise sales ahead of his inauguration.
Trump made the announcement of his meme coin, $TRUMP, via a post on Truth Social Friday, explaining that the cryptocurrency symbolizes “WINNING” the presidential election and his forthcoming inauguration.
By Saturday morning, the price of $TRUMP had skyrocketed by over 300%, continuing to climb throughout the weekend.
By Sunday afternoon, it had surpassed $65 per coin, bringing the market capitalization to a staggering $13.3 billion, according to CoinMarketCap.
The coin, which is based on the Solana blockchain, briefly touched $75 early Sunday, pushing the market cap to $15 billion.
The developers behind $TRUMP have capped the initial supply at 200 million coins, with plans to expand the total supply to 1 billion over the next three years, as stated on the coin’s website.
Deportation Raids Set to Begin as Trump Takes Office:
Meanwhile, U.S. sources report that raids aimed at detaining and deporting undocumented immigrants are set to commence on the first full day of Donald Trump’s presidency.
These operations, which have been threatened by Trump’s “border tsar” Tom Homan, are expected to begin in various locations, with Chicago reportedly being one potential target due to its large immigrant population.
Homan told The Washington Post that, despite early reports, the administration is reconsidering the timing and locations for the raids after the potential details were leaked.
Trump has promised to lead the largest deportation effort in U.S. history, prioritizing criminals and gang members in these operations.
