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Former President Donald Trump is rumored to be directly stepping into the cryptocurrency world with a new token, “Trump Coin“, as he ramps up his campaign for the upcoming November presidential election.
What Happened: A meme token registered on the Solana SOL/USD blockchain platform under the symbol DJT and named “Trump Coin” has sparked industry speculation. The token shares its symbol with Trump’s social media platform, Truth Social, reported Fox Business on Monday.
The token started trading on Solana on Monday evening with a market cap of $73 million. With the buzz around the coin intensifying, its market cap shot up to nearly $150 million as of this writing, according to cryptocurrency trading data tool Birdeye.
Trump’s press team didn’t immediately respond to Benzinga’s request for comment on the matter.
When asked about the Trump Coin launch, former GOP presidential candidate and adviser to President Trump, Vivek Ramaswamy, stated, “I’m glad President Trump and his campaign are leaning into cryptocurrency, including accepting it – he’s ahead of the curve.”
Why It Matters: Trump Coin is the latest in a series of meme coins inspired by political candidates this election cycle. Other non-affiliated Trump meme tokens are trading in the cryptocurrency landscape, including the popular MAGA Coin TRUMP/USD with a market cap of upwards of $340 million at press time.
Trump’s potential foray into cryptocurrencies comes after a significant shift in his stance on the asset class. Last month, he expressed his support for cryptocurrency on the campaign trail, a drastic change from his previous disinterest in the token in 2021.
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