On Friday night in Washington, D.C., President-elect Donald Trump announced the launch of the Solana-based meme coin TRUMP, just days before his second inauguration.
The announcement, made through a post on his verified X and Truth Social account, sparked excitement, confusion, and heated debate within the crypto community.
The TRUMP token quickly became the center of attention, with its market capitalization soaring to over $30 billion within hours of its release. Initially priced at $0.18, it skyrocketed to over $30 within 24 hours, creating an incredible profit for early buyers.
Trading volume reached more than $9 billion, highlighting the market's enthusiastic response to President Trump's latest venture.
Concerns about legitimacy and token distribution
However, the launch was not without controversy. Many in the crypto industry have questioned the legitimacy of the project, speculating that President Trump's social media accounts may have been compromised or that the meme coins are part of an elaborate scam.
A major red flag was the concentration of ownership of the tokens. Eighty percent of the total supply is reportedly held by entities linked to President Trump. This raised concerns about potential market manipulation and extreme price fluctuations.
Community reaction: Opinions are polarized.
Reactions within the cryptocurrency community are widely divided. Supporters hailed the launch as a landmark endorsement for the digital asset, with some seeing it as a potential alt-season catalyst. Social media has been abuzz with comments praising President Trump's innovative approach to cryptocurrencies, which is seen as a bold move to solidify his presence in the digital economy.
Critics, however, expressed skepticism, calling the token “pure gambling” and warning of the risks inherent in meme coins. Concerns about the volatile nature of politically-related tokens have further dampened enthusiasm among more cautious investors.
Political and Regulatory Impact of President Trump
TRUMP's website emphasizes that the token is neither an investment opportunity nor a security, but its timing, coinciding with President Trump's impending return to the White House, has heightened speculation about its political motives. .
Some analysts believe the launch could influence crypto regulation during President Trump's second term and add a layer of intrigue to the Trump administration's crypto policy.
The intersection of politics and meme culture
The TRUMP meme coin has reignited the debate about the growing convergence of politics, meme culture, and cryptocurrencies. Analysts are watching to see if TRUMP maintains its meteoric rise or follows the path of countless meme coins that have fallen into oblivion.
Moreover, President Trump’s plans for crypto-related executive orders add another dimension to the unfolding story, raising questions about the Trump administration’s broader influence on the crypto ecosystem.
For now, the TRUMP meme coin is evidence of the unpredictable and often dramatic intersection of digital assets and political ambitions.
mentioned in this article
Arabic
Chinese (Simplified)
Dutch
English
French
German
Italian
Portuguese
Russian
Spanish