On January 17, OFFICIAL TRUMP (TRUMP) was launched on the Solana blockchain platform – the personal memecoin of US President Donald Trump. In two days, its price soared to $75, and its capitalization exceeded $15 billion. However, on January 20, the day of the inauguration of the new American leader, TRUMP collapsed and lost about half its value. Bitcoin4U investigated whether Trump will help the development of the cryptocurrency market or do it a disservice.
Inauguration gift
When the first news about TRUMP appeared, many did not even believe it. Firstly, there had been many coins named after the US president on the market before, but none of them were directly related to him: Doland Tremp (TREMP), Super Trump (STRUMP), Make America Great Again (MAGA) and others. Secondly, it looked like a common scam, the essence of which boils down to the fact that scammers first artificially inflate the exchange rate of a currency, and then – at the peak of its value – get rid of it. The trick is called Rug Pull and is often carried out by hacking celebrities’ social media accounts.
However, no one hacked Donald Trump’s official X account, where the TRUMP coin was announced on the evening of January 17. «It’s time to celebrate everything we stand for: VICTORY!» the politician wrote, attaching a link to his personal memecoin. The coin’s logo is an image of Donald Trump himself raising his fist immediately after the assassination attempt on July 13, 2024.
Overnight, the price of TRUMP soared by 300%, and by the afternoon of January 19, the memecoin was trading above $75. At its peak, it took 19th place in the list of the most expensive cryptocurrencies with a capitalization of more than $15 billion. Less than 24 hours later, the president’s wife Melania (MELANIA) released her coin. Along the way, she caused her husband’s quotes to collapse (to $40), as traders rushed to sell TRUMP to buy the new growing memecoin.
TRUMP is currently trading just below $30. Despite the significant drop, its capitalization still exceeds $5.8 billion (28th place). MELANIA is not valued so highly by investors: the coin can be bought for $2.7. Its capitalization exceeds $470,000 (146th place).
Presidential hint
However, there are also many supporters of the idea that the US President’s personal memcoin will have a positive effect on the industry. Their main argument boils down to the fact that TRUMP motivates Trump to develop the crypto industry and soften its regulation. At least because 80% of the emission has yet to be sold. It is logical that the president will try to do this at a favorable rate.
In addition, the launch of TRUMP is a clear signal that the government supports cryptocurrency, writes the BBC. According to the publication, it instills confidence in market participants who were already despondent: the new president did not mention blockchain in his inauguration speech, and among his first decrees there was not a single one dedicated to cryptocurrencies (Trump signed the first documents on this matter only on the fourth day of his presidency).
TRUMP supporters hope the presidential token will spark a wave of interest in cryptocurrencies, with new money pouring into the market from businesses and retail investors. Chainalysis analyzed the crypto wallets of TRUMP and MELANIA buyers and found that 47% of buyers were likely newbies, as they created wallets on the same day they bought the token. The fly in the ointment is that 60 “whales” (large traders) each made more than $10 million on TRUMP, while 77% of other holders made less than $100.
Get Trump Coin now
Trump-Earning.com offers you the first ever $TRUMP cloud mining platform! You can earn this new coin by just logging in using your faucetpay e-mail address then you will start automatically earning every seconds. No investment or deposits is needed to start. You will see your earnings grow LIVE every seconds from the moment you log in. Start now!
Добавить комментарий