Former US President Donald Trump and his team are reportedly considering launching an official cryptocurrency, dubbed the Trump Coin, on the Solana blockchain. This move is seen as a strategic effort to tap into the growing crypto market, worth over $2.5 trillion, and potentially boost Trump's 2024 presidential campaign. The Trump Coin would join other Solana-based meme coins like Dogwifhat and Mother Iggy, and could potentially rival existing Trump-themed coins like MAGA (TRUMP).

The news of the Trump Coin's potential launch has sent shockwaves through the crypto market, with Trump-related meme coins experiencing significant declines. MAGA (TRUMP) fell by as much as 30%, wiping over $150 million from its market capitalization. Smaller Trump-themed coins like Donald Tremp (TREMP) plummeted by 36.8%, while the Jeo Boden (BODEN) token, linked to Trump's political rival Joe Biden, also fell by 22%.

Despite the uncertainty surrounding the Trump Coin's affiliation with Donald Trump, industry sources suggest that the former president has been planning to launch a digital coin for the past two months. Vivek Ramaswamy, a former GOP presidential candidate and adviser to President Trump, expressed support for Trump's embrace of crypto, stating that it could help attract libertarians and non-traditional Republicans to the campaign.

The Trump Coin's potential launch has sparked interest in the crypto community, with some speculating about its potential impact on the market. If officially launched, the Trump Coin would likely face intense competition from established meme coins and other Trump-themed tokens. However, its association with a high-profile figure like Donald Trump could potentially attract new investors to the crypto space.

In conclusion, the rumored launch of the Trump Coin has sent ripples through the crypto market, with Trump-related meme coins experiencing significant declines. While the official affiliation with Donald Trump remains unconfirmed, the potential entry of a high-profile figure like Trump into the crypto market could have significant implications for the industry. As the situation unfolds, crypto enthusiasts and investors alike will be watching closely to see how the Trump Coin impacts the market.