In a bizarre twist and as the joyous news of Gary Gensler’s resignation were still fresh today, incoming U.S. president Donald J Trump launches his own memecoin, just 2 days before taking office.
Bullish? Many think so.
Others are now believing the end is near. So what is really happening?
To further the shock, within hours, the token (launched on the Solana network) has gone to the 31st position in the ranking with a $20 Billion market cap. Interestingly, whilst most of the market is down, the $TRUMP memecoin is soaring over 2000% at the time of writing with the world still waking up to the news. The token was released around 7 hours earlier. Some have speculated that the coin’s success has drained liquidity from many other projects.
It is worth noting that at the time of writing the $TRUMP memecoin sits higher in the ranking list than Monero, Algorand, Kaspa and Filecoin.
The launch was initially met with disbelief by many, with some speculating that it was a scam, thinking that the incoming president’s account has been compromised. Even after news of confirmation trickled in, many can still not believe what just happened.
The price of the $TRUMP meme coin now stands above $20 each with a trading liquidity of 373 million, a number that was far higher during the early stage of launch. At some point the meme coin recorded an $18 Billion market cap with a $1.7 Billion 24 hour trading volume. Numbers that have not been seen before for any previous such endeavour.
Many fear a market crash following the launch. People have already spotted that 80% of all $TRUMP tokens, are all held in one wallet, raising fears of a rug pull. Public distribution is 10% of the supply and liquidity another 10%. There are 6 different “Creator and CIC Digital Groups” that unlock after 3-12 months and vest over 3 months in a multi sig. That is a very unique distribution for a meme coin.
The memes of course have been relentless.
Community Reaction
The sentiment around the $TRUMP meme coin reflects a mix of surprise, fear, humor, speculation and excitement. All that particularly tied to its potential impact on the broader cryptocurrency market. Some users are hyping the coin as a phenomenon that could eclipse Bitcoin itself, portraying it as a symbol of bold financial disruption. Others are questioning whether it’s actually tied to former President Trump, adding a layer of skepticism to the enthusiasm.
A subset of the discussion has the perception that this coin could trivialize or exploit larger economic or political ideals, with users expressing cynicism about its sincerity or legitimacy. Meanwhile, others adopt a resigned or sarcastic tone, questioning broader systems and reflecting on the symbolic meaning of associating cryptocurrency with a polarizing figure, like Donald Trump.
The comments also include light-hearted references to ambitious, almost fantastical goals, like ending traditional financial systems or reaching new technological milestones. Amid the playful tone, there’s a clear underlying belief among some that this development could drive a significant rally in the crypto market.
The political backdrop of this coin cannot be understated. Will MAGA supporters rally behind this coin? Will it aid adoption of digital currencies in the next 5 years? What will the price action mean for Donald Trump’s presidency?
While some comments focus on the absurdity or irony of associating the coin with serious policy shifts, others highlight its potential for misuse. Such as making scams and rug pulls look legit, mocking the symbolic nature of the coin.
We live in unprecedented times, where a US presidency is backed by a meme coin with a growing market cap but for how long? Will people who disagree with core decisions sell? Or will the president’s following stick to their guns and HODL? Nobody knows, but this new phenomena is certainly stirringup emotions and conversations beyond finance.
Author Profile
- Lucy Walker covers finance, health and beauty since 2014. She has been writing for various online publications.
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