In a move that’s as bold as it is bizarre, former President Donald Trump has thrown his weight behind a new meme coin, the TRUMP token. Yes, you read that right. He took to Truth Social, his own social media platform, and called the TRUMP coin “so cool” and “the greatest of them all.” Talk about a self-promotion extravaganza!
Unsurprisingly, his endorsement sent the token’s price soaring, hitting around $12.25 in a matter of hours. Who wouldn’t want to invest in something that a former president thinks is “cool”?
As if that weren’t enough, the market cap ballooned by about $300 million, reaching a whopping $2.5 billion. For a hot minute, TRUMP was the talk of the crypto world, racking up an impressive trading volume of $1.5 billion within 24 hours. It was like a crypto party, and everyone was invited.
But let’s not forget: this token operates on the Solana blockchain, known for its speed and low fees. Efficiency, folks!
Now, here’s where it gets sticky. Approximately 80% of the total supply—1 billion tokens—are controlled by entities linked to the Trump Organization. That’s about 800 million tokens locked away like a secret stash. Additionally, the TRUMP token’s market cap reached around $2.5 billion after Trump’s endorsement, showcasing its immediate impact on the crypto market. CoinGecko data indicates that significant volatility followed the initial price surge, reflecting fluctuating investor interest.
Critics are already raising eyebrows, pointing out potential conflicts of interest. Is it ethical for a former president to endorse a coin that benefits his own businesses? Cue the outrage.
Historically, the TRUMP token has had its ups and downs. It once peaked at $73.43. Now? It’s down about 84%. The initial hype was tied to Trump’s brand, and as the market fluctuates, so does the value of this meme coin.
The endorsement raises important questions about ethics and regulations in politics and finance. Will it set a dangerous precedent? Who knows. But one thing’s for sure: the crypto world just got a little weirder.
