Key Takeaways
- TRUMP token has surpassed Pepe and Shiba Inu to grow to be the second-largest meme coin.
- The token skilled criticism over its distribution, with 80% owned by Trump Group-linked corporations.
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TRUMP, a newly launched meme coin created by President-elect Donald Trump, has flipped Pepe (PEPE) and Shiba Inu (SHIB) to grow to be the second-largest meme tokens when it comes to market cap, CoinGecko information exhibits. The milestone was reached simply over a day after launch.
With a present market cap of round $13.5 billion, TRUMP solely trails Dogecoin (DOGE), the favored meme coin and favourite of Elon Musk, co-leader of the Division of Authorities Effectivity (DOGE) beneath the incoming Trump administration. Dogecoin’s market worth sits at round $54 billion as of the most recent information.
Trump’s official meme coin was launched on Fact Social and X on Friday evening, two days forward of his inauguration. He described the token launch as a celebration of his beliefs and an emblem of “WINNING.”
The token’s valuation escalated to round $8 billion in lower than three hours of launch. Within the following hours, its costs blew previous $30 upon a wave of listings on standard crypto exchanges like Upbit, HTX, Kraken, Gate.io, OKX, and Binance.
On Saturday evening, Coinbase introduced including TRUMP to its itemizing roadmap, a transfer indicating that the main change is contemplating itemizing the token sooner or later.
Assist from main buying and selling platforms has additional fueled TRUMP’s bullish momentum. The token has doubled in worth after Coinbase’s announcement. On the time of writing, one TRUMP is value round $69, representing a 230% enhance over 24 hours.
Throughout the identical timeframe, DOGE and SHIB have been down round 7% every, whereas PEPE misplaced 11% of its worth. The broad meme coin market was in sharp decline with most tokens posting double-digit losses, wiping out their current features.
Not like different main meme cash, Fartcoin (FARTCOIN) continues to develop and keep its features at press time.
Ongoing controversy
There’s a whole lot of pleasure—and skepticism—surrounding Trump’s surprising token launch. A whopping 80% are held by corporations tied to the Trump Group creates a extremely centralized setting. It raises severe considerations about market manipulation, potential for rug pulls, and the long-term viability of the undertaking.
Stephen Findeisen, broadly often known as Coffeezilla, a YouTuber and investigative journalist recognized for his work in exposing scams and fraudulent schemes, referred to as the discharge of TRUMP “nasty work.”
Lots of Trump’s supporters, particularly those that is probably not well-versed in crypto, might face monetary losses, in line with Findeisen.
> dropping TRUMP memecoin 2 days earlier than changing into president is nasty work
> new SEC/DOJ ensures no prosecution
> 80% of tokens vest to insiders DURING the presidency
> most ppl dropping cash will probably be MAGA who aren’t crypto native
> *ought to* be a criminal offense however crime is authorized now ig?— Coffeezilla (@coffeebreak_YT) January 18, 2025
Moonshot, which not too long ago surged to grow to be the highest finance app on the US Apple App Retailer because of the TRUMP token, mentioned they’d onboarded over 400,000 customers.
Enterprise capitalist Chris Burniske mentioned he was not comfy with the token allocation, however noticed its large potential to encourage future innovation within the house, just like how “The DAO motion of 2016” influenced the ICO growth.
Commenting on this matter, Ryan Selkis, Messari founder, believes the present token distribution is a serious vulnerability that might result in issues down the road. He steered the crew burn 75% of the token provide.
“You created $5bn in worth in a single day. Regulate distribution from 80-20 to 50-50 and make this an equal partnership, and that can fly larger. Preserve it 80-20 and it’ll backfire and be a millstone on the admin,” Selkis wrote on X.
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