Can $TRUMP Meme coin overtake Dogecoin? | Stock Market News

$TRUMP meme coin, launched by US President-elect Donald Trump just days before his inauguration, surged over 300% within hours of its release, reaching a market capitalization of nearly $6 billion.

This meteoric rise has positioned $TRUMP as a potential contender to challenge Dogecoin’s dominance in the meme coin sector, drawing attention from both crypto enthusiasts and investors alike. With the success of meme coins like Dogecoin and Shiba Inu, the question remains: Can $TRUMP overtake these established tokens in terms of market capitalization and influence?

The path to meme coin supremacy

A report in Forbes suggests that while the emergence of a presidential meme coin is a novel concept, it follows a familiar pattern for Donald Trump, whose brand has been synonymous with commercial ventures ranging from Trump University to Trump Hotels and even NFTs. This continued monetization of his brand extends into the cryptocurrency world, albeit in a new form.

Currently trading at $25, the $TRUMP meme coin’s potential growth remains a subject of speculation, the report stated. If the token were to overtake Dogecoin, which currently holds a market cap of around $60 billion, calculations suggest that the price could reach anywhere between $100 to $300 per token, these projections are highly speculative, said Forbes report highlighting the significant wealth creation potential that meme coins, like $TRUMP, offer.

The influence of Trump’s brand

The news report points out that the coin’s success could be heavily reliant on sustaining community enthusiasm and engagement, similar to the volatile trajectories of other meme coins. Its connection to a president could play a critical role in generating market excitement, but the token’s fate will depend on factors beyond just the brand name.

Trump Coin and Dogecoin rivalry

In the meme coin ecosystem, Dogecoin has long been the reigning champion, benefiting from years of viral marketing, celebrity endorsements, and widespread public interest. Trump’s entry into the market with his own meme coin offers a unique challenge to Dogecoin’s dominance, but also highlights the differences in brand leverage and market sentiment.

Trump Coin’s connection to a sitting president and the initial market performance may generate significant interest, but sustaining that enthusiasm beyond the novelty factor will be crucial, the report said. Its future growth will be closely tied to public perception, media coverage, and the continued support of Trump’s political base.

The ethical implications of a Presidential Meme Coin

While the potential for profit is evident, Forbes report raises ethical concerns surrounding the launch of $TRUMP. The cryptocurrency allows for global participation, meaning individuals can invest in $TRUMP without identity checks. The report said this opens the door to concerns about undue influence on a sitting president, adding another layer of controversy to the meme coin’s existence.

The ethical risks mirror issues raised in Trump’s other business ventures, including Truth Social, but the crypto space introduces new complexities due to the global reach and anonymity inherent in digital assets.

Whether or not $TRUMP can overtake Dogecoin or even Bitcoin remains to be seen, but what is clear is that its debut marks a significant moment in the evolution of the crypto market, one that will likely influence discussions about regulation, political branding, and the role of meme assets in financial ecosystems for years to come. Forbes suggests that regardless of its future price trajectory, $TRUMP’s very existence will continue to shape the conversation around cryptocurrency regulation and speculative investing.