$TRUMP coin: Is Donald Trump’s meme coin a crypto gimmick or a hidden gem? | Stock Market News
Source: Live Mint
US President-elect Donald Trump announced his cryptocurrency “$TRUMP” on Saturday, January 18, ahead of his appointment as the 47th President of the United States of America on Monday, January 20.
“My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR $TRUMP NOW. Go to http://gettrumpmemes.com — Have Fun!” said Donald Trump in his social media post on platform X.
This meme coin is a Solana-based cryptocurrency that made a stellar debut on the crypto market and skyrocketed over 300 per cent on the first day, crossing the market capitalisation of $6 billion, according to Mint’s earlier reports.
$TRUMP coin’s track record
The Trump meme coin has gained more than 230 per cent in the last 24 hours, as the market capitalisation of the cryptocurrency crossed the $14.3 billion mark on Sunday, January 19, according to data collected from CoinMarketCap.
The trading volumes of the $TRUMP coin has gained over 330 per cent, currently at a little over $18 billion, as of 5:02 p.m. (IST). According to the official website, there are 200 million $TRUMP coins in circulation which is expected to grow to a total of 1 billion $TRUMP over the next three years.
The $TRUMP coin hit its record high again on January 19, at $72.70. The coin is currently trading at $72.71 as of 5:04 p.m. (IST).
$TRUMP’s launch motive?
According to the official website, the $TRUMP meme coin marks the celebrations of Trump’s White House comeback as the leader eyes the inauguration ceremony on January 20.
The website also mentioned that the Trump meme coins aimed to symbolise as an expression of support for the upcoming Trump administration. People have raised their doubts about the legitimacy of the crypto coin, but the official website and Trump himself have backed the coin as the “Official Trump Meme, by President Donald J. Trump.”
“Trump Memes are intended to function as an expression of support for, and engagement with, the ideals and beliefs embodied by the symbol ‘$TRUMP’ and the associated artwork, and are not intended to be, or to be the subject of, an investment opportunity, investment contract, or security of any type. GetTrumpMemes.com is not political and has nothing to do with any political campaign or any political office or governmental agency,” according to the website data.
These coins are tracked on the Solana blockchain, and the website officially claims that this cryptocurrency is not associated with any political campaign, office or government agency.
In the crypt market investors have always raised a primary concern of legitimacy and the authenticity of a digital asset or an NFT. This move from Trump comes as one of the first moves for an upcoming President to back a meme coin.
So far, the meme coin has given investors staggering returns, but given the general volatility of the crypto market, investments should be made after careful consideration, exercising caution, and sound financial advice.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
