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Donald Trump’s latest move into the crypto industry, with his Solana-based memecoin “Official Trump” ($TRUMP) has sparked buzz and skepticism among marketers. The 185% price spike and a $4 billion valuation has compelled the experts to question its long-term prospects amidst speculation of a pump and dump scenario.
With 80% of the tokens locked and a gradual unlock schedule, the market is hooked on to the $TRUMP token’s price and its fundamentals ahead of Trump’s oath-taking ceremony. While supporters vouch for its potential, critics liken it to volatile political tokens from the recent past. Is $TRUMP a bold investment or a fleeting trend? The story unfolds in this news.
TRUMP’s History With Cryptocurrencies!
Over the past few years, Donald Trump has run on a pro-crypto platform. Notably, he has his line of NFT collections that launched between 2022 and 2024. Moreover, Trump has also backed a Decentralized finance (DeFi) platform called World Liberty Financial ($WLFI).
Following the oath-taking ceremony on 20th January, Trump is expected to issue an executive order regarding crypto that could be the first of many. with Donald Trump, the American crypto landscape could experience a major shift, transform, and change forever.
Is TRUMP Token A Pump & Dump Situation?
The cryptocurrency market experienced a terrifying pump-and-dump situation during the election day. Reportedly, PolitiFi (Political Memecoins) has experienced a major price crash with top tokens losing ~60% within hours.
A similar situation arises as the memecoin hits the market with only 3 days remaining to the oath-taking ceremony of President-elect Donald Trump for the 02nd time. Marketers speculate that a situation similar to the election day can be witnessed.
Notably, out of the 1 billion TRUMP coins, 80% are locked and will gradually be unlocked over three years. With this, the circulating supply would only be 200 million tokens, putting the market cap closer to $4.05 billion. Moreover, the trading volume has skyrocketed to over $3 billion, highlighting increased price action.
Analyst View On The New TRUMP Token Launch!
Cygaar is a well-known software engineer with followers of more than 117,100. He stated that the coin’s official website looked similar to the ones used for selling and promotion of his NFTs. Furthermore, it is credited to CIC Digital which is also the same official Donald Trump license of his NFTs.
He further believes the new TRUMP memecoin website to be a mirror of his previous website of NFTs, following initial suspicions. He concluded by saying “Either this is the greatest cyber heist of all time, or this is legitimate.”