This is an accepted version of this page
 | |
| Denominations | |
|---|---|
| Code | TRUMP |
| Development | |
| Initial release | January 17, 2025; 10 months ago (2025-01-17) |
| Development status | Active |
| Operating system | Cross-platform (Solana blockchain) |
| Developer(s) | CIC Digital LLC, Fight Fight Fight LLC |
| Ledger | |
| Circulating supply | 200 million |
| Supply limit | 1 billion |
| Valuation | |
| Exchange rate | Floating |
| Website | |
| Website | gettrumpmemes |
$Trump (stylized in all caps) is ameme coin associated with United States presidentDonald Trump, hosted on theSolana blockchain platform.[1] One billion coins were created; 800 million remain owned by two Trump-owned companies, after 200 million were publicly released in aninitial coin offering (ICO) on January 17, 2025. Less than a day later, the aggregate market value of all coins was more than $27 billion, valuing Trump's holdings at more than $20 billion. A March 2025Financial Times analysis found that the crypto project netted at least $350 million through sales of tokens and fees.[2]
The venture has faced widespread condemnation from ethics experts for Donald Trump'sconflicts of interest related to the project and his presidential duties. During thesecond Trump administration, Trump has promoted $Trump and taken actions that have raised the value of the meme coin, contributing to a substantial increase in his net worth.[3]
  | Donald J. Trump (@realDonaldTrump) tweeted: |
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. Go to gettrumpmemes.com/ — Have Fun!
January 17, 2025[4]
The Trumpmeme coin was launched on January 17, 2025, three days before Trump wasinaugurated as president of the United States. The lack of a public announcement initially led to concerns that thecryptocurrency was a scam and might have no association to the president-elect.[5] Several hours later, Trump announced $Trump on hisX andTruthsocial accounts.[6] The meme coin website described it as the "only official Trump meme".[7][8] Its logo is a cartoon image of Trump raising his fist after surviving theattempted assassination in July 2024.[9] A disclaimer said that the coin was "not intended to be, or the subject of" an investment opportunity or a security and was "not political and has nothing to do with" any political campaign, political office or government agency.[8] The terms of the offering prohibit coin buyers from joining any class-action lawsuits against the project and assert indemnity against any claims.[10] Trump promoted the coin on the night of its ICO while a "Crypto Ball" was underway.[11]
After its launch, its price soared by over 300% overnight.[12] Within two days, it became the 19th most valuable form of cryptocurrency in the world, with a total trading value of nearly $13 billion, and a total of $29 billion worth of trades based on a $64 value of each of the 200 million tokens issued by the afternoon of January 19.The New York Times reported that Trump affiliates controlled an additional 800 million tokens that, hypothetically, could be worth over $56 billion, potentially making Trump one of therichest people in the world at an estimated net worth of $63.8 billion.[13]
A March 2025, aFinancial Times analysis found that the crypto project netted at least $350 million ($314 million from the sale of the tokens and $36 million from fees).[2] However, by July 2025,New York reported that the president's holdings in the coin were only worth about $93 million.[14] This was contradicted by reporting inThe New Yorker in August 2025 suggesting that holdings held by Trump through a partnership "are potentially worth several billion dollars" and that actualized profits from the meme coin were $385 million.[15]
In April 2025, the top 220 holders of the coin were offered dinner with the president, and the very top 25 holders would receive a special VIP White House tour. Following the announcement, the coin jumped more than 50%.[16][17] Analysis found that leaked information about the promotion allowed certain traders to make bets on the coin before it was publicly announced. According toThe New York Times, certain buyers in interviews and statements said they "bought the coins or entered the dinner contest with the intention of securing an action by Mr. Trump to affect United States policy".[18] On May 13,The New York Times reported that GD Culture Group, a small company with ties to China, no reported revenue in 2024, and affiliated withTikTok, announced it would spend $300 million on purchasing Bitcoin and $Trump using proceeds from "a stock sale to an unnamed entity in the British Virgin Islands". The purchase was the first known instance of a China-linked firm buying Trump's cryptocurrency. TikTok is facing aban in the US, although Trump has postponed the decision several times.[19]
According toThe New York Times, at least twenty investors sold or transferred their holdings in $Trump on May 12. The bidding process allowed certain investors to profit; in one instance, an investor, known only as "Noah", purchasedUS$2.2 million in $Trump before the contest and sold it at the end of the contest, profiting overUS$950,000. In an apparent effort to stop the sell-off, the social media account associated with $Trump promised to give investors who kept their coins anon-fungible token known as "Trump Diamond Hand" and that they would earn reward points.[20] Several investors were able to attend the dinner at the only cost of trading fees by shorting $Trump.[21] According toNBC News, the winners of the contest collectively spentUS$394 million.[22] References to a tour of the White House were later removed from the dinner's website; a senior Trump official stated that the administration was not conducting a tour for the investors.[23]
The "black-tie optional"[24] dinner was held atTrump National Golf Club Washington, D.C. inSterling, Virginia.[25] Before the dinner, protesters had gathered to condemn the gathering, shouting, "Shame!"[26] The menu featuredfilet mignon, pan-searedhalibut, and a "Trump organic field green salad".[25] An attendee who spoke toThe Verge described "pretty light" security,[27] Trump's limited presence and his speech—delivered behind a podium with thepresidential seal,[28] and a private afterparty at the Washington Marriott Capitol Hill hosted by Memecore.[27] Trump's speech was approximately fifteen[24] to twenty minutes long.[29] Four of the highest-paying investors, includingJustin Sun, were givenUS$100,000 Tourbillon watches.[27] The dinner was Sun's first visit to the United States since being investigated by theUnited States attorney for the Southern District of New York in 2021.[30]
According to an analysis by theTimes and Nansen, several investors were fromAustralia andSingapore. MemeCore, a cryptocurrency company, investedUS$19.3 million to get second place; Cherry Hsu, the company's chief business officer, stated that he was interested in sharing its "vision and mission" with Trump and other attendees. The first-place winner was an account belonging toHTX that was believed to be associated with Justin Sun. Javier Selgas, the chief executive of Fr8Tech, told theSecurities and Exchange Commission that he intended to purchaseUS$20 million in $Trump in an effort to convince Trump to lowertariffs onMexico.[18] GD Culture Group, a publicly traded company with ties toChina, announced that it had securedUS$300 million to purchaseBitcoin and $Trump from a stock sale to theBritish Virgin Islands.[25] Through a guest list and social media, theTimes later identified many of the attendees, including Sun and the former basketball playerLamar Odom.[31]
The dinner posed ethics concerns and opportunities forforeign influence.[32][18]Wyoming senatorCynthia Lummis and Senate majority leaderThom Tillis expressed concerns over the dinner.[24]Citizens for Responsibility and Ethics in Washington's Donald Sherman described it as "one of the most blatant and appalling instances of selling access to the presidency".[33]Massachusetts senatorElizabeth Warren described the dinner as an "orgy of corruption", whileOregon senatorJeff Merkley referred to it as "theMount Everest of American corruption."[34][35]
Merkley and Senate minority leaderChuck Schumer[24] introduced a bill to ban senior executive branch officials—including Trump—and their family from profiting off of cryptocurrency. Merkley additionally asked theOffice of Government Ethics to investigate the dinner.[20] TheSenate Homeland Security Permanent Subcommittee on Investigations's investigation into cryptocurrency businesses involving Trump broadened to include the dinner.[36]Maryland representativeJamie Raskin, the ranking member of theHouse Committee on the Judiciary, later initiated an inquiry into the dinner.[37] The late-night television hostsJimmy Fallon andJimmy Kimmel ridiculed the dinner for its attendees and its apparent corruption, respectively.[38]
According to the memecoin's website, ownership of the token is primarily concentrated in two Trump owned entities: CIC Digital LLC and Fight Fight Fight LLC, which together hold 80 percent of the coins remaining after the ICO.[39][2] Trump's personal profit under this ownership structure is unclear.[2] The holdings are scheduled for gradual release over three years.[40]
The SEC's Division of Corporation Finance stated that meme coins like $Trump do not qualify as securities under federal law, citing their speculative nature and lack of inherent utility.[41] However, CFTC officials argued for jurisdiction over meme coins as commodities, emphasizing their authority to prosecute market manipulation.[42]
Some crypto executives and investors said Trump had undermined the credibility of the industry they had worked hard to build by selling coins known for their speculative nature and extreme volatility. They also noted Trump's brazen conflict of interest by setting crypto market policies while directly benefiting from participating in the market. Some noted its similarity to a "rug pull", in which a coin is launched and quickly abandoned, leaving early investors with steep losses.The Wall Street Journal reported "Even the most ardent Trump supporters reached a breaking point when the $MELANIA token launched less than 48 hours after" $Trump, with one urging Trump to fire the advisor who recommended it.Erik Voorhees, a prominent Bitcoin investor, criticized the coin as "stupid and embarrassing".[10][43][44]
Others discussed its lack of any utility beyond enriching Trump.
$TRUMP doesn't purport to hold value in the way that bitcoin or stablecoins do. Nor does $TRUMP entitle a buyer to a vote on a company's future direction, as World Liberty's initial token does. It does not even convey the right to own a digital cartoon of Trump. It's a meme coin, a novelty, a bit of fun—the fun, for those who enjoy it, of paying Donald Trump.
Ethics experts criticized the crypto venture andgovernment watchdogs.[45] The venture and the possibility of foreign governments buying the coin and enriching Trump was highlighted as possibly violating the Constitution'sforeign emoluments clause.[46] Critics said it could allow special interests and foreign governments to seek to buy influence with the president.[47]
The release of $Trump was condemned by ethics lawyers, including Adav Noti, the director of theCampaign Legal Center,[48] and Jordan Libowitz, the vice president for communications atCitizens for Responsibility and Ethics in Washington.[49] Nick Tomaino, a former executive atCoinbase, described Trump's ownership and the timing of the cryptocurrency as "predatory".[48]Anthony Scaramucci, a formerWhite House Communications Director during thefirst Trump administration and current crypto investor, described the coin as "Idi Amin level corruption" and said that the launch of the coin was bad for the cryptocurrency industry. He added, "Now anyone in world can essentially deposit money into bank account of President of USA with a couple clicks."[50][47] Brendan Fischer, the deputy executive director atDocumented, an investigative news outlet, said, "The timing of this launch cannot be a coincidence. It comes just after Trump's campaign ended, and just before he formally takes office and is fully subject to federal ethics rules."[51] With the coin having slumped in value as of the end of early February 2025, the circumstances around the coin have led to wide condemnation from ethics experts and concerns over conflicts of interest as well as allegations from members of Congress that have called for an investigation.[52][53][54]
Some analysts described it as apump and dump scheme,[55] and a "disaster".[56] A forensic analysis commissioned byThe New York Times concluded that 813,294 wallets lost $2 billion by trading the coin while the president's company and partners profited about $100 million from trading fees.[57][58] According toFortune, "Less than three weeks after its release, President Donald Trump's memecoin has produced more losers than winners. For every dollar in trading fees the Trump crypto creators raked in, investors lost $20."[57]
RepresentativeSam Liccardo, a Democrat who representsSilicon Valley, introduced the Modern Emoluments and Malfeasance Enforcement Act (MEME Act), which would prohibit the issuance or endorsement of any financial asset by the president, senior White House officials, or members of Congress, or their spouses or children. Unlike theHatch Act, it would introduce aprivate right of action for anyone harmed by purchasing such assets.[59]
After the launch of the $Trump memecoin, Trump's wifeMelania launched her own meme coin, $Melania on January 19, 2025.[45]
The launch of the $Melania token was partially handled byHayden Davis, who later played a key role in orchestrating the$Libra cryptocurrency scandal.[60] Davis admitted to his involvement in "sniping" the $Melania and $Libra tokens, an illegal practice similar tofront running.[61]
In April 2025, blockchain data provider Bubblemaps reported that the $Melania token had been primarily sold off, where a $2 million extraction was made by Davis from $Melania's liquidity pools, sending $1 million to exchanges via single-sided liquidity.[62]
On November 25, 2025, U.S RepresentativeJamie Raskin released a report finding that following an investigation by Democrats on the U.S. House Judiciary Committee, it was determined that the cryptocurrency policies of Trump were in fact used to benefit Trump and his family, with Trump in fact adding billions of dollars to his net worth through cryptocurrency schemes which were entangled with foreign governments, corporate allies, and criminal actors. The report, titleTrump, Crypto, and a New Age of Corruption, also found that Trump dismantled anti-corruption and financial integrity safeguards and pardoned people who were regarded as "corporate croonies" in order build his cryptocurrency empire.[63][64][65]
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