A recent report carried news Donald Trump’s net worth has increased from one to a colossal $28 billion, facilitated by a TRUMP meme coin.
Newly rich is an overnight success; according to data from blockchain analytics platform Arkham Intelligence, the token’s future value will rise 400%. Initially from Trump-related businesses, CIC Digital LLC and Fight Fight Fight LLC receive 80% of the tokens’ circulation, making Trump’s crypto assets worth $22.4 billion.
Massive price jump and market impact
TRUMP token was launched at $7 per coin, with the new value quickly rising to $28 within hours and at its fully diluted valuation of $27 billion. Currently, 200 million tokens are circulating, but the idea is to raise the token supply to 1 billion within the next three years. Therefore, the timing of token distribution was launched approximately 48 hours before the inauguration of the 45th U.S. president, Donald Trump, attracted public attention and controversies.
Simultaneously, the token that hosts Solana, the blockchain in which TRUMP is built, rose by 16%, making it the first time in the year that profits were profitable. Although Solana is now known for meme coins, TRUMP is the largest on the Solana network.
Criticism and transparency concerns
The launch has been criticized for its timing and its consequences. People who have been up in arms against Trump include Jordan Libowitz from the Citizens for Responsibility and Ethics in Washington, and he has been wary of a president taking over a business of this nature while preparing to assume the presidency.
Cryptocurrency investor and ex-White House communications director Anthony Scaramucci said the situation is “corrupt” and the cryptocurrency industry could be at risk. Analysts researching the blockchain identified shenanigans; it turns out that Trump’s team has already cashed out $500 million of tokens. According to the data, $20 million worth of TRUMP tokens were transferred to a crypto exchange a few hours after the listing.
Wider industry implications
However, TRUMP’s growth has solidified Solana’s spot in cryptocurrency. Some partner firms, such as Bitwise, VanEck, and ProShares, have filed ETFs associated with Solana, which shows commitment to the blockchain. Cardano’s founder, Charles Hoskinson, also pointed out that Trump now has an estimated total cryptocurrency worth of about 78.5% of his net worth, putting him among the world’s richest blockchain personalities. The TRUMP website has stated that the token is not an investment offering, and even as the disclaimer increases, the token launching frenzy remains a trending topic.