Following the release of a new solano-based memecoin by president Donald Trump, the cryptocurrency community went into a frenzy after he announced the coin just days before taking his oath for the second term. In a statement made via his social media accounts, the president shared the news, further interesting his audience.
With a trading volume of over $ 9 billion, TRUMP meme coin took the internet by storm. The price increase ranged from $0.18 to over $30 in just 24 hours, resulting in this bold approach reaching a market cap of 30 billion. The astonishing ROI showcased makes it one of the best investments to date.
The coin’s legitimacy came into question, raising people’s suspicions as to whether Donald Trump’s social media accounts were hacked or if it was simply a marketing gimmick for a non existent coin. Moreover, a staggering 80 % of the coin supply being controlled by a singular entity raised fears of extreme market manipulation, further milting people with potential profits.
The reactions given by the crypto community were quite polarized. Supporters praised the memecoin for being a significant step towards the endorsement of digital assets, considering it as one that could spark an altseason. Social media was flooded with comments praising Trump’s novel take on crypto as if he was trying to bolster his position in the digital economy.
On the other hand, sceptics expressed that the token was mere speculation especially those that are politically aligned, referring to them as a moneymaking lottery. Many investors, especially those who are a bit reckless made it clear that such erratic assets posed higher risks.
TRUMP’s official site however states that the token is neither a currency nor a security, nevertheless, the release of the coin just before TRUMP’s bid for re-election has invited speculations on it being politically motivated. Analysts expect that during TRUMP’s second term, the memecoin will take crypto regulations to a new level, further complicating the political environment surrounding crypto currencies.
