Kraken becomes first US crypto exchange to list TRUMP meme coin as it declines by 35%

Kraken has become the first major US-based crypto exchange to list Official Trump (TRUMP), the Solana-based meme coin launched by self-proclaimed ‘crypto president-’ Donald Trump.

According to the company’s official announcement, trading for the controversial token began at 20:15 PM UTC on January 18. But as the token hits Kraken, it also saw a 35% decline in value.

The token, which celebrates Trump’s leadership and his campaign slogan “Fight, Fight, Fight,” debuted only a few hours ago but has since seen an over 120,000 surge. TRUMP has now surpassed retail sensation stock GameStop (GME), which made history in 2021 and was thought to be the biggest market mania of the 2020s.

The initial market frenzy sent TRUMP’s market cap soaring to nearly $6 billion, according to data from CoinMarketCap.

Trump launched the meme coin on January 17 through a post on Truth Social and X (formerly Twitter). In his signature style, Trump hyped the token as a rallying point for his movement, declaring, “My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING!”

The coin’s official website described TRUMP as a token for those who “don’t back down, no matter the odds.” And Trump’s highly-anticipated inauguration is less than 48 hours away.

Behind the scenes, the token is managed by Fight Fight Fight LLC, a company promising to release an additional 800 million TRUMP tokens over the next three years. A first batch of 200 million coins hit the market during the launch.

Exchanges pile on

Other major centralized exchanges (CEXs) were ahead of Kraken. Singapore-based Crypto.com added trading pairs, allowing users to purchase TRUMP using USD, EUR, and 20 other fiat currencies. Meanwhile, Bybit opened pre-market trading for TRUMP/USDT with a call auction on January 18 at 9:35 AM UTC.

On decentralized exchanges (DEXs), the token gained traction too. Platforms like Raydium, Orca, and Meteora listed TRUMP. In total, more than ten exchanges, including MEXC, HTX, and CoinW, now support TRUMP trading pairs.

But this whole thing is just Trump putting his money where his mouth is. Last summer, he spoke at a Bitcoin conference in Nashville, promising to make America the “crypto capital of the planet.”

His sons, Donald Jr. and Eric founded World Liberty Financial, a family-run venture focused on decentralized and centralized finance (DeFi and CeFi). Eric has called TRUMP “the hottest digital meme on earth.”