Trump publicly endorses TRUMP coin on Truth Social, token jumps 10%

President Donald Trump has voiced strong support for the Official Trump ($TRUMP) token. In a post on Truth Social on Sunday, he described the token as ‘so cool’ and hailed it as ‘the greatest of them all.

Trump’s endorsement triggered a 10% surge in the $TRUMP token’s price. CoinGecko data indicates it climbed from approximately $10.9 to $12.

The digital asset, launched ahead of Trump’s inauguration, operates on the Solana blockchain with a total supply of 1 billion tokens. The initial public release comprised 200 million tokens, while CIC Digital LLC, a Trump Organization affiliate, and Fight Fight Fight LLC hold the remaining 800 million tokens.

The token’s price surged from under $10 to $75.26 in its first days of trading, reaching a market capitalization of over $15 billion. Trading volume hit $29 billion in the initial days after launch.

The reserved tokens are subject to a phased release schedule spanning three years, beginning with lock-up periods of 3 to 12 months, followed by daily unlocks over 24 months.

The token experienced significant volatility, dropping nearly 50% to the $30-$40 range following the launch of the $MELANIA token on January 19.

The project markets itself as an “expression of support” for Trump rather than a traditional investment. Its logo features a cartoon image of Trump raising his fist, referencing a July 2024 assassination attempt.