Trump Coin: Donald Trump launched his much-awaited $TRUMP meme coin, which took the cryptocurrency market by storm. Built on the Solana blockchain, the coin’s meteoric rise was phenomenal, garnering a market cap of $14.5 billion within hours of its debut. Initially priced at $0.18, $TRUMP jumped to $7.1 and then stabilized at $21.51 by 6:21 PM IST – a staggering rise of 231.61%, according to CoinMarketCap.
Trump’s big announcement
The launch was officially announced on Trump’s TRUTH social platform, where he declared:
“My new official Trump meme is here! It’s time to celebrate everything we stand for: victory!”
He urged supporters to secure their tokens through the official website, gettrumpmemes.com, before the 48-hour claiming window closes. The announcement immediately went viral, sending traders into a frenzy.
Trading Frenzy and Massive Profits
Within just one hour of launch, the coin generated trading volumes of nearly $1 billion, netting early investors a substantial profit. In one notable case, a trader who bought 6 million $TRUMP tokens for $1.1 million USDC saw his portfolio grow to $23 million in just 90 seconds, Lookonchain reported. Even after selling a portion, the trader retained 5.43 million coins, netting him a profit of over $20 million.
The token’s market cap climbed to $7.7 billion within two hours, sparking widespread discussion on social media about its legitimacy, valuation, and the implications of Trump’s relationship with cryptocurrency.
Tokenomics and Ownership
The total supply of $TRUMP coin is limited to 1 billion tokens, including an initial release of 200 million. The remaining supply will be distributed gradually over the next three years. However, the coin’s ownership structure has surprised people:
80% of the tokens are held by CIC Digital LLC (a subsidiary of the Trump Organization) and Fight Fight Fight LLC, a newly established Delaware-based entity.
During early trading, the token’s price fluctuated between $17 and $18, indicating strong demand despite concentrated ownership.
Controversy surrounding $TRUMP coin
The launch of $TRUMP has not been without its critics. Critics question the centralized control of the coin, with some speculating that it could serve political purposes – especially as it comes just days before Trump’s second presidential term. Although the official website denies any political affiliation, suspicions are still high.
Concerns have also been raised about:
- Security vulnerabilities on X (formerly Twitter), citing recent account hacks.
- Trump’s history of unconventional ventures, such as $100,000 watches and the cologne of an assassination attempt, which some argue undermines the coin’s credibility.
A Pro-Crypto Legacy
Trump’s strong pro-crypto stance during his first presidential term laid the groundwork for the $TRUMP token. Supporters see it as a continuation of his commitment to digital assets, potentially paving the way for more crypto-friendly policies in his upcoming term.
Looking Ahead: Hype or Stability?
The initial success of the $TRUMP coin has been nothing short of extraordinary, with its rapid growth in trading volume and value garnering global attention. However, questions remain about its long-term viability and market stability. While this coin has disrupted the cryptocurrency space, only time will tell if it can maintain its momentum or whether it will remain just another fleeting trend in the volatile world of crypto.
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