Trump’s TRUMP Meme Coin Surges 12,000%, Critics Call It ‘Peak Grift

President-elect Donald Trump has drawn sharp criticism from the cryptocurrency community after launching his Official Trump (TRUMP) meme coin on January 17, 2025, just two days before his inauguration.

The announcement, made on Trump’s Truth Social account, initially sparked speculation of a hack, but it was confirmed that Trump himself unveiled the coin as a way to “celebrate winning.”

The coin quickly surged in value, rising over 12,000% and reaching an all-time high of nearly $35, with a market cap of $5.98 billion.

The coin’s explosive growth has attracted controversy, with critics arguing that it exploits Trump’s political position for financial gain, especially as 80% of the coin’s supply is reserved for insiders.

Stephen Findeisen (Coffeezilla) criticized the timing and distribution structure, calling it “nasty work” and speculating that the coin’s backers might avoid legal repercussions.

Brian Krassenstein condemned the move as “peak grift and cronyism,” while economist Peter Schiff mocked the coin’s rise, comparing it to Bitcoin’s much slower growth.

The TRUMP token’s meteoric rise has provided substantial returns for early investors, with one individual reportedly turning $50,000 into nearly $1.1 million in under two hours.

However, concerns over the long-term sustainability of the coin persist, as only 20% of the maximum supply is currently circulating, with the remaining 80% gradually released over the next 36 months. Critics warn that this could lead to a significant crash in value once the remaining supply hits the market.

Despite the skepticism, some supporters believe the gradual release schedule could help stabilize the coin’s value. As the project gains attention, it further fuels the ongoing trend of meme coins capitalizing on social media hype and significant events.