The meme coin 'Official Trump', owned by the family of President-elect Donald Trump, who has branded himself as a 'pro-virtual asset president', soared to $75.35 during trading on the 19th (Korean time), before retreating to the $40 range within a day.

According to global cryptocurrency data site CoinMarketCap, as of 9:23 a.m. on the 20th, Official Trump is trading at $48.30, up 75.41% from the previous day.

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On the 19th, it reached an intraday high of $75.35, achieving a market capitalization of $15 billion (about 21.86 trillion won). After dropping to the $50 range, it rebounded to $74.59 in the early hours of the 20th, but then returned to the $40 range again.

Official Trump was unveiled through Trump’s social networking service (SNS) on the 18th (local time). The market initially suspected a hacking crime using 'Trump impersonation'. However, as no negative comments were issued by President-elect Trump’s team, it quickly emerged as a Trump meme coin.

Meme coins refer to speculative virtual assets created based on parodies or jokes without intrinsic utility. A representative example is 'Dogecoin,' which gained prominence thanks to consistent mentions by Elon Musk, CEO of Tesla.

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 names were inspired by President-elect Trump's message 'Fight', which he shouted immediately after the July 13 shooting incident. Eric Trump, the president-elect’s second son, serves as the chief vice president of both companies.

Post on X by President-elect Donald Trump announcing the issuance of a meme coin

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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.

There is also criticism over the Trump family launching a coin on the eve of the inauguration on the 20th (local time). Bloomberg pointed out, "Institutions related to Trump hold the majority of the shares," and "at least on paper, billions of dollars in profits could go to them."