The meme coin known as Official Trump has skyrocketed in value since its launch on Jan. 17, reaching $38.31 at last check Sunday — one day before the U.S. presidential inauguration. The cryptocurrency ( TRUMP ), which President-elect Donald Trump launched as an homage to himself, is quickly gaining traction in the digital asset space, with trading volumes surging on major platforms like Binance and OKX, where it is listed. The coin’s rally reflects a growing appetite for meme coins backed or launched by famous individuals. The downside is that these types of assets often experience speculative booms due to their viral appeal. Some are even called out for being rug pulls. The Official Trump coin has both going for it, but at last check Sunday, it’s up almost 330%. Source: CoinGecko You might also like: What is a crypto rug pull? How to stay safe from rug pulls What critics are saying TRUMP’s creators, and Trump himself, are leaning into the president-elect’s political brand, positioning the token as both a financial asset and a cultural statement. For example, its logo — emblazoned with the words “Fight Fight Fight” — differentiates the token from other unofficial Trump meme coins that flooded the market. Official Trump’s listing on Binance and OKX has further legitimized it, providing access to millions of global traders. However, the coin has not been without controversy. Critics argue that TRUMP represents a potential conflict of interest, particularly as Trump is about to be sworn in as commander-in-chief of the U.S. Stephen Findeisen, also known as the crypto sleuth Coffeezilla on YouTube, called the launch “ historic in its stupidity .” Anthony Scaramucci, a Bitcoin bull who briefly worked for Trump and now runs the investment firm SkyBridge Capital, warned his one million followers on X not to “delude” themselves about the Official Trump meme coin launch. The Trump meme coin stuff is bad for the industry. Don’t delude yourself. It’s Idi Amin level corruption. — Anthony Scaramucci (@Scaramucci) January 18, 2025 Ben Meiselas, co-founder of Meidas Touch, suggested Trump could have focused on more urgent matters rather than meme coins. https://twitter.com/meiselasb/status/1880455817306206589 Despite the criticism, TRUMP’s rapid rise underscores the ongoing influence of political and cultural figures in the cryptocurrency market, raising questions about the intersection of finance, politics, and blockchain technology. Barstool Sports founder Dave Portnoy also chimed in, equating Trump’s meme coin launch to the alleged pump-and-dump scheme involving Haliey Welch, the viral “ Hawk Tuah ” star. I have a dumb 2 part question. 1. What’s the difference between the Hawk Tuah coin and the Trump coin besides nothing? 2. Can I string up my own coin now and tell people it’s a Ponzi scheme from the jump and I’m gonna rug pull at some point and you better just hope you’re… — Dave Portnoy (@stoolpresidente) January 18, 2025 It’s worth noting that the Trump family already actively promote tokens tied to World Liberty Financial. In September, CoinDesk reported that 70% of the platform’s tokens were held by its founders, team members, and service providers. The same goes for Official Trump. Some 80% of the meme coin is reportedly held by CIC Digital, a Trump Organization affiliate. Read more: Chart of the week: XRP hits new all-time high, could extend bullish streak
