The crypto community welcomes a newcomer! US President Donald Trump has announced the launch of his own cryptocurrency, to be exact, a memecoin. The president is certainly in tune with sentiment and trends in the crypto market.

The leader of the White House shared the news on his Truth Social account, stating that the issuance of his cryptocurrency belonging to memecoins was underway. In his post, the American policymaker confirmed that a "new official Trump memecoin" had just entered the crypto space. The coin is called OFFICIAL TRUMP.

Details about this new digital asset, including the total issuance volume, remain unknown for now. However, OFFICIAL TRUMP is rapidly gaining popularity among investors.

On January 19, Trump’s new virtual currency saw a sudden and significant surge in value. The trading volume for this cryptocurrency exceeded $10 billion within 24 hours. Analysts estimate that OFFICIAL TRUMP has surged in value fourfold.

The initial price started at $7 per token. During the day, its value soared to $34.5 before experiencing some downward corrections. At present, the new memecoin is trading steadily without sharp swings.