Controversial 'Trump Meme Coin'... Hits 21 Trillion Market Cap Then Declines

'Official Trump'... 80% Owned by Trump-affiliated Companies
200 Million Coins in Circulation... Criticism Ahead of Inauguration

The meme coin "Official Trump," owned by the family of President-elect Donald Trump, who has dubbed himself the "Pro-Cryptocurrency President," surged to $75.35 during trading on the 19th (Korean time) before retreating to the $40 range within a day.

According to the global cryptocurrency market tracking site CoinMarketCap, as of 9:23 a.m. on the 20th (Korean time), Official Trump is trading at $48.30, up 75.41% compared to the previous day.

On the 19th, it reached an intraday high of $75.35, achieving a market capitalization of $15 billion (approximately 21.858 trillion KRW). It then dropped to the $50 range before rebounding to $74.59 in the early hours of the 20th, only to fall back again to the $40 range.

Official Trump was revealed through Trump's social networking service (SNS) on the 18th (local time). The market suspected hacking crimes involving "Trump impersonation." However, since the Trump camp did not issue any negative comments afterward, it emerged as a Trump meme coin.

Meme coins refer to speculative cryptocurrencies created based on parodies or jokes without intrinsic utility. "Dogecoin," which rose to prominence thanks to consistent mentions by Tesla CEO Elon Musk, is a representative example.

Donald Trump, President-elect of the United States, announces the issuance of a meme coin in a post on X

According to Bloomberg, 80% of the total supply of Official Trump is held by "CIC Digital LLC" and "Fight Fight Fight LLC," multinational corporate groups belonging to the Trump family. The company name was inspired by the message "Fight" shouted by President-elect Trump immediately after the July 13 attack. Eric Trump, the president-elect's second son, serves as the senior vice president of both companies.

The current total circulation of Official Trump is 200 million coins. Institutional holdings are expected to be gradually released over three years, with the total supply projected to increase to 1 billion coins after three years.

Criticism has also arisen over the launch of a coin owned by the Trump family just before the inauguration on the 20th (local time). Bloomberg noted, "Institutions related to Trump hold most of the shares," pointing out that "at least on paper, billions of dollars in profits could go to them."