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Donald Trump caused a stir in the cryptocurrency industry even before he was elected president of the United States. Within three hours after he introduced the $TRUMP meme coin, its market value had grown to $8 billion, or around Rs 69261.20 crores. This cryptocurrency's price increased by almost 300% in the minutes following its launch, and it is now trading at $29.13, up 350%.
With a 100 crore supply, this new cryptocurrency coin is built on the Solana network. Twenty crore coins are available right now, and the remaining 80 crore coins will be released over the course of the following three years. Trump dubbed this token his "official Trump meme" and unveiled it on social media sites like Truth Social and X. A 48-hour window has been set for the token's availability, so he encouraged his followers to purchase it as quickly as possible.
The coin has no affiliation with any government agency
On social media, the introduction of the $TRUMP coin has generated a lot of conversation. While some people doubt its legality, others see it as a daring move in the cryptocurrency space. In a disclaimer, Trump said the coin has no affiliation with any government agency or political campaign and is not a part of any investment or security. Nonetheless, many claim that Trump started it by taking advantage of his position as president.
Nick Tomaino, a cryptocurrency venture capitalist, referred to it as an exploit, claiming that Trump controls 80 percent of the cryptocurrency and that launching it hours before his inauguration is a tactic that exposes early investors to potential losses. Speculators typically advocate these digital tokens, which can result in significant losses for late investors but profits for early investors.
Trump's cryptocurrency ambition
Investors in cryptocurrencies, meanwhile, are optimistic that the Trump administration would support the sector. The government of former President Joe Biden had taken harsh measures against cryptocurrency companies, charging them with money laundering and fraud. However, Trump had declared last year that he would convert America into the global center of cryptocurrency if he ever returned to Washington.
As of this writing, TRUMP's market capitalization is roughly $13.85 billion, and its price has fluctuated between $68.57 and $71.32 per coin over the last hour. Major cryptocurrency exchanges including Kucoin, Binance, Crypto.com, Kraken, Bitget, and others have already listed the coin. According to data provided by coingecko.com, TRUMP has amassed a global trade volume of almost $12.38 billion. It has been the fifth most traded cryptocurrency in the last 24 hours, after only Solana (SOL).
Over the previous day, TRUMP trading activity was led by Bitget, Okx, and MEXC. There are already 747,420 holders of the token, and $52 billion worth of TRUMP was exchanged on Saturday. On the same day, 3 million trades totaling $32 billion in swap activity were registered on decentralized exchanges (DEXs). Raydium is the top platform for TRUMP trading volumes among DEXs.
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