President Donald Trump has launched a new meme coin called $TRUMP. In an official X post, Trump announced the new crypto asset, adding that the meme coin was created to celebrate “WINNING.” The announcement came barely two days before his official inauguration.
Trump’s meme coin has performed impressively so far, with a consistent rise in value and an explosive $5.7 billion in market capitalization within hours of its launch. According to the meme coin’s official website, $TRUMP represents a piece of history and symbolizes the president’s strength and courage, especially after he faced an assassination attempt last July.
The website also contains a few token specifics. For instance, 200 million $TRUMP were made available on day one, and will gradually increase to the asset’s maximum supply of 1 billion over the next three years. Distribution details include 10% for liquidity, another 10% allocated to public distribution, and the rest channeled to creator CIC Digital LLC, a Trump-affiliated company.
Trump’s new token could be considered a potential investment channel for crypto investors, especially considering its quick rise so far. Among other factors, Trump’s upcoming inauguration could further fuel an increase in the token’s price. Crypto investors seeking to diversify their portfolios will likely include $TRUMP as FOMO (Fear Of Missing Out) spreads through the industry.
In addition to individual investment pumping the price of $TRUMP, crypto wallets may also quickly provide support for the new Solana-based token. The easy integration is crucial for investors looking for the best crypto wallet as they consider several factors, including support for a wide array of cryptocurrencies, such as meme coins like $TRUMP.
Interestingly, the official website contains a disclaimer that discourages $TRUMP use as an investment channel. According to the website, $TRUMP is “not intended to be, or to be the subject of, an investment opportunity, investment contract, or security of any type.”
President Trump is known for his support of the crypto sector. While this is his first-ever meme coin, Trump has previously launched non-fungible token (NFT) collections issued by CIC Digital LLC, the same company responsible for $TRUMP.
Reactions to $TRUMP have been polar, with some praising Trump’s bold push into crypto. Expectedly, others have criticized the token and have wondered whether or not Trump has ulterior motives. Despite these reactions, the market performance of $TRUMP has been impressive.
Trump has plans for the crypto sector and is reportedly looking to create a strategic crypto reserve using assets like USDC, XRP, and Solana. Interestingly, XRP pumped by more than 400% after Trump’s election win. Reports state that Trump has already met with executives and founders of these major assets who seem open to the idea and are willing to provide him with needed support.
During his campaign, Trump made promises to crypto stakeholders, convincing them to support his efforts. Among several pledges, Trump said he would fire Gary Gensler, the chairman of the United States Securities and Exchange Commission (SEC). Gensler’s tenure as SEC chairman has been marked by continuous legal attacks launched against the crypto sector and its entities. Interestingly, Gensler has already announced his resignation, effective January 20th, the inauguration day.
Advocates and crypto proponents hope Trump’s second administration will bode well for crypto. In addition to his statements in support of the sector, Trump is already surrounding himself with crypto enthusiasts. For instance, Howard Lutnick, a vocal Bitcoin proponent, is Trump’s selection for Secretary of Commerce. Lutnick serves as the chief executive officer of Cantor Fitzgerald, a brokerage firm that provides services for Tether, which issues the world’s largest cryptocurrency stablecoin.
Furthermore, Trump has proposed the Department of Government Efficiency, a commission to be led by Tesla head Elon Musk and former presidential candidate Vivek Ramaswamy. Both men are known for supporting crypto, with Musk repeatedly propping Dogecoin (DOGE), and Ramaswamy holding several hundred thousand dollars worth of varying cryptocurrencies as of 2023.
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