This cryptocurrency, called the $TRUMP coin and supported by President-elect Donald Trump, has shocked both the financial and crypto markets. The meme coin, based on Solana, skyrocketed more than 300% in its first day to a market capitalization of $6 billion. It was just days before the second inauguration of Donald Trump. By its second day, the coin’s valuation surpassed $14 billion, with trading volumes exceeding $18 billion, according to CoinMarketCap data.
The $TRUMP coin, dubbed the “Official Trump Meme,” was launched by Trump himself on social media with the slogan, “Join my very special Trump Community.” According to Trump’s website, the coin is a symbol of support for his administration and ideals. However, it clarifies that the cryptocurrency is not tied to any political campaign or government agency.
While some praise $TRUMP as a groundbreaking initiative by a politician in the crypto sector, others regard it as a publicity stunt. The strike of the coin has also raised ethical issues since critics opine that Trump exploited his political standing to his advantage. There are also issues of transparency, as it is said that 80% of the supply of the coin is held by entities connected with Trump.
Contrary to the controversies, the meteoric rise of $TRUMP shows the immense demand from the supporters and speculators. Its investment is advisable though cautiously as the coins fluctuate and change frequently.
This is the first such move, suggesting that Trump embraces cryptocurrency as an integral part of his administration’s economic vision. Whether this $TRUMP coin will keep its momentum or fade into a speculative bubble, this coin undeniably sets a precedent in the politics and digital finance intersection.
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