Trump’s Meme Coin Surges With His Return To The White House
By Vishakha Thakur
Donald Trump’s inauguration as the 47th President of the United States on January 20 caused a stir in the crypto market as his speech omitted crypto mentions.
Infact, Bitcoin surged to ATH of $109114 before dropping 7% after the speech and the market turbulence triggered massive liquidations totalling $758 mn across cryptocurrencies, with Bitcoin accounting for $335 mn in closed long and short positions.
Well, Trump’s official memecoin launched just three days earlier showed mixed trends.
The memecoin currently boasts a market cap of $7bn and is up by 4.2% in the past 1 hour and down by 18.3% in the past 24 hrs.
On January 17th, Trump’s official memecoin, $TRUMP, debuted at $6.50 and quickly caught the attention of the crypto community. Within 24hrs of its launch, the token skyrocketed to an astonishing $74.59, an 18,000% surge, before retreating to $35.94 by Monday. The memecoin’s market cap initially touched $15 bn, solidifying its place as the 20th largest cryptocurrency.
The memecoin frenzy saw major crypto exchanges like Binance, KuCoin, Kraken, and Robinhood rushing to list $TRUMP, while Binance Futures introduced a TRUMP/USDT perpetual contract with 25x leverage. The token’s initial supply was capped at 200 million, with plans to expand to 1 billion over the next three years. Notably, 80% of the tokens are owned by Trump-affiliated entities, CIC Digital LLC and Fight Fight Fight LLC, raising ethical concerns over conflicts of interest.
Interestingly, the excitement extended beyond $TRUMP, as First Lady Melania Trump launched her own token, $MELANIA, right after Trump. The token, which started at $7, reached a peak of $13 before stabilizing at $4.23 with a market cap of $640 mn.
Both tokens are built on the Solana blockchain, which also benefited immensely from the launches, hitting an all-time high of $294.33 over the weekend. Well, other Notable Trump memecoins such as MAGA, FIGHT are mostly trading in red in the past 24hrs.
Meanwhile, scammers seized the opportunity, flooding the market with fake Trump-themed tokens like $BARRON, $IVANKA, and $ERIC, duping investors with fraudulent screenshots and pocketing proceeds.
Well, the anticipation of crypto-friendly policies, including potential executive orders to loosen regulations, has further fueled market enthusiasm. However, analysts have warned that these developments could be spread over months rather than immediate changes, contributing to volatility in the market.
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