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The meme coin space abounds in all sorts of tokens, with hundreds (or thousands) of projects cropping up every day. Even if a few promising names have just emerged, including the Catslap, Best Wallet, and Wall Street Pepe, the president Trump’s one rejoices over the bulk of enthusiasm. According to Reuters, the asset has already amassed almost $100MN in trading fees on a small crypto exchange that offers the new units. Around 50 of the most considerable investors are reported to have rejoiced over fabulous profits of more than $10MN – all at the losses of the smaller traders, who registered significant money losses. This failure occurred as the coin in question dropped by around 66.6% in value.
After US President Donald Trump dropped his first, own crypto, he sparked a trading frenzy. This is a crypto that speculators and enthusiasts can buy with a designated online crypto exchange in hopes that the Trump coin price will rise and inflate the value of their investments. Do you want to learn more about one of the hottest meme coins at the moment? Or would you like some insights to build up your knowledge about crypto, since this well-rooted market has implications for financial and macroeconomic stability? If so, let’s read on.
The days before the hot drop
Donald Trump, the 47th president of the US, made public the release of a new cryptocurrency only three days before returning to the formal working space in the White House. All it took was a few words on the alt-tech social media platform Truth Social to spike a frenzy. Within moments of the president revealing his fresh digital asset, traders made exorbitant bets that rapidly produced the desired results.
Such booms were enough for speculators to cast doubt on the lucky traders’ strategies. Did they have a strategy and understanding of what was about to be the hottest take in the crypto for those days?
What’s the $Trump coin?
The president’s post timestamped the release of his very own meme coin. As with all the other meme coins out there, the development alludes to a type of derisive digital coin, inspired by social media trends, jokes, memes, etc. It serves little to no purpose other than pure financial speculation, which is why $Trump’s value, similar to the rest of meme coins’ values, is predisposed to whipsaw significantly depending on how the public sentiment changes. Nevertheless, many coins that started off as pure entertainment managed to become heavy contenders to altcoins, utility coins, stablecoins, and so on, in terms of price growth performance. Some of the meme coin market’s most outstanding launches include but aren’t limited to the first and foremost drop – Dogecoin, as well as Pepe Coin, Shiba Inu, Mog Coin, Floki, Brett, and the list goes on.
$Trump coin was developed on the Solana blockchain, a blockchain platform relying on a proof-of-history (PoH) consensus mechanism and developed to host decentralized apps (dApps). While the platform’s native crypto is Solana (SOL), designed to be used for transaction payments, numerous other tokens have come forth here. Some of the most noteworthy projects developed on Solana are Tether, USDC, USDS, and Render, among dozens of others. By the time of writing, the official Trump coin secured the fifth spot in terms of market cap, with a figure of a little over $4BN, while the price revolved around $15.
An instant price growth
$TRUMP meme coin’s price started rushing up almost instantly, even with speculation that the president’s account had been compromised and taken over by hackers. By the subsequent day, 20% of the total supply of $Trump was released into circulation, managing to fetch $14BN in value.
Currently, 20% of the total supply is in circulation. The total supply is capped at 1 billion coins, ensuring no additional tokens will be minted beyond this limit. At the same time, Trump’s team (Trump-owned corporations) is in charge of a minimum of 800MN coins. Since only 20% of the supply surfaced on the market, aspiring investors should carry their due diligence before funneling money into this asset – a piece of advice that’s offered to any investor, regardless of their investment. Cryptocurrencies, with meme coins involved, are highly volatile, meaning that price drops can take unprepared investors by surprise. Given that meme coins’ value is even more fluctuating due to the impact of social media, extra caution should be exercised.
Clones have flooded the market
Another aspect to pay attention to is the wave of discontent brought about by celebrities’ crypto initiatives. The recent meme coin boom, or the expansion of the impressively volatile type of digital coin used predominantly in financial speculative movements, has drawn in many imposters thanks to the high rewards at stake. Donald Trump was known for his animosity toward crypto. Now, the newest project is naturally bringing misanthropes to the table – some of which have excellent skill in counterfeiting coins. As expected, malevolent techies are trying to cash in on the $Trump boom without investing in the coin per se and exposing themselves to the inherent risks. According to the latest reports, the army of fraudsters is working to develop their own crypto banger. It seems like hundreds of spam coins and clones got uploaded to the president’s official digital wallet. Over 700 fresh meme coins have been directed to the wallet lately, with multiple coins going by the names of the Trump family and members.
Noteworthy, none of these copycats has even the least formal association with the name bearers.
The takeaway
Investors placed high bets on the arrival of the Trump administration and the application of friendlier crypto-oriented frameworks and rules. The latest crypto killing in the market substantializes the aspirations and strengthens hope that regulated trading will become the norm soon.
If you’re familiar with how the crypto market works, great price performances in the $Trump meme coin shouldn’t take you aback. Similarly, if you want to invest in the asset, prioritize conducting your due diligence, for the asset category remains highly volatile and speculative. Many developments are on the horizon, so stay close to discover them as the crypto industry evolves.
Photo source: https://unsplash.com/photos/a-close-up-of-a-silver-coin-with-a-picture-of-president-donald-kGpq0hj_xc0
