US President-elect Donald Trump unveiled his official meme cryptocurrency called “TRAMP” yesterday, causing a stir in the cryptocurrency market. In less than an hour, one trader made a whopping $20 million in profits in the first hour of its release.
Trump announced the launch of his new cryptocurrency on his social network “Truth Social.”
“My new official Trump meme is here! It’s time to celebrate everything we stand for: VICTORY!”
Price Increases 4000% in a Short Period
The cryptocurrency was developed on the Solana (SOL) platform and initially had a total supply of 200 million tokens. However, the total supply will increase to 1 billion over the next three years.
After the announcement, the price of the TRAMP cryptocurrency skyrocketed from an initial $0.18 to a peak of $3.7. Currently, TRAMP is worth $7.1, an incredible 4000% increase since its inception, with a market cap of $6.8 billion.
One Trader Made Over $20 Million in a Minute and a Half
A trader acted quickly and bought nearly 6 million TRAMP tokens for roughly $1.1 million in USDC. In just 90 seconds, the value of that investment grew to $23 million. He has only sold a small portion so far, but still owns 5.43 million TRUMP tokens, making him more than $20 million, according to data from Lookonchain.
The explosive launch attracted a large number of users, but also raised questions about security and possible account theft. However, most attention in the crypto community is currently being drawn to the rise in the price of TRAMP and the huge profits of traders.
What is a meme coin?
A meme coin is a cryptocurrency inspired by internet memes, jokes, or popular culture, often created as a fun or speculative project.
These currencies typically do not have a strong technical basis or real utility like some other cryptocurrencies, but their value often increases due to popularity on social media, supporting communities, or public interest.
Examples of well-known meme coins include Dogecoin and Shiba Inu.
