Donald Trump's memecoin rallies to $13.5 billion market cap, cracking top 20 coins

President-elect Donald Trump's memecoin Official Trump has continued its incredible price rally, hitting a $13.5 billion market cap high and breaking into the top 20 coins on CoinGecko.

At this all-time high, the memecoin was worth $67 per token, with a $67.5 billion fully diluted valuation. Since then, it has dropped back slightly with a current value of $66 per token.

Big exchange listings have helped the recent price action. Binance has listed the memecoin already, while Coinbase added it to its roadmap. Decentralized exchange Hyperliquid has also added the token.

However, while the token has rallied exceptionally well, it does have a very high fully diluted valuation compared to its market cap, with insiders set to start unlocking the 80% of supply reserved for them in just three month's time. At that point, 40 million tokens ($2.7 billion) will be unlocked and available for them to sell — with more unlocking daily. With the token already at the top of the charts, it will need to be able to handle this potential selling pressure for it to stay flat at the minimum.

The Trump team has already been using the proceeds from selling the memecoin to buy Solana tokens. Onchain data shows the team spent $5 million of the stablecoin USDC, which was paired against TRUMP, to buy wrapped Solana tokens on decentralized exchanges Jupiter, Orca and SolFi.

The token has so far been positive for bringing new people into the crypto space. Moonshot noted that 400,000 people have set up accounts to buy the TRUMP memecoin since it launched just over a day ago. But if it crashes, things could turn sour quickly.