The newly elected President of the United States of America, Donald Trump, introduces a new meme-based token operating on the Solana blockchain named TRUMP. He may have posted about it on Truth Social, and the announcement propelled the token’s market cap to $15 billion within hours.
The appearance of the new TRUMP token has received considerable attention, so users have divided into fans and critics, and some trusted specialists have doubts about the project’s honesty.
TRUMP token sees unprecedented price movements
The price movement of the TRUMP token has been so volatile since the beginning of its introduction. The token’s market cap reached $10 billion nearly instantly after the determination and $11.6 billion within three mins. The aforementioned coin has a price of $13.6 for each token, while the total market capitalization has risen above $15 billion. Early traders are profiting off the mania, with one wallet making about $20 million in profit in 1 hour of transactions.
Trump himself has rolled out the token In the current process. Accounts suggest he bought around 5,999,998 TRUMP tokens within days of its release. Another 543,000 token sale followed, estimated to gross $404,000 for him, which only stoked the fires of speculation and sentiment within the community.
Community incentives and divided opinions
The TRUMP token distribution has been followed by marketing campaigns to drive interest in the token. The official posts state that the first 2,500 individuals who decide to use the token will be gifted an airdrop. The project also prompts the participants to subscribe to topical discussions on platforms like Telegram.
While there are some traders and commentators who have praised Trump’s action, there are other traders and commentators who are doubtful. Another Crypto analyst, Brian Krassenstein, also expressed his concern about the formation of the project and referred to the idea that Donald Trump might suffer wrath as he associated it with a meme token based on his presidency. At the same time, enthusiasts, including Ross Coin founder Churl Bistros, have embraced the project.
Concerns over legitimacy persist
During the excitement around the token, its authenticity has been questioned. An analysis of the blockchain reveals that millions of dollars for initial liquidity were channeled by Binance and Gate exchanges that are not in the United States. In addition, other people wondered if Trump’s account on Truth Social was compromised and perhaps the token is fake, too.
However, other cultural observers threw such allegations into the bin, citing the relatively active and frequent postings to former President Trump’s handle. Insiders have reported that the new Trump administration could deliver executive orders that would affect crypto regulation in the country. How this will affect the future of the TRUMP token and the other cryptocurrencies still needs to be determined.