US President-elect Donald Trump has launched a new cryptocurrency called $TRUMP ahead of his inauguration. The currency was announced on his social media accounts, including Truth Social and X (formerly Twitter). $TRUMP is built on the Solana network, and has a total supply of 1 billion units, with 200 million units available for immediate trading. The remaining amount will be distributed gradually over three years. CIC Digital LLC, a subsidiary of the Trump Organization, and Fight Fight Fight LLC own a large stake in the currency. The currency saw a huge surge in value after the launch, rising by 4,200% in just two hours, reaching a market cap of $8 billion. It also rose by 12,000% in 12 hours, bringing its market cap to $32 billion. Trump reportedly plans to issue executive orders to boost digital asset adoption and reduce regulatory burdens on cryptocurrency companies in his first days in office. These plans include creating a cryptocurrency advisory council and directing the Securities and Exchange Commission (SEC) to repeal some accounting guidelines related to cryptocurrency holdings.