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In the potential cryptocurrency bull run, the newly launched Official Trump (TRUMP) meme coin is gaining widespread attention from crypto enthusiasts due to its impressive price surge. Today, January 18, 2024, United States President-elect and pro-crypto Donald Trump made a post on X (formerly Twitter) and revealed his new meme coin, named Official Trump (TRUMP).
TRUMP Price Performance
Since the post was published on X, it has gained widespread attention globally and attracted significant investors and traders, resulting in a TRUMP price surge from $4 to $35, which represents an increase of nearly 790% in less than 24 hours.
However, it seems that this new meme coin is consistently attracting new investors because it is linked to Donald Trump, who officially revealed the project to the crypto community. On the other hand, Trump is pro-crypto, and US citizens have elected him as the new president, with his presidential inauguration scheduled for January 20, 2025.
Looking at these factors, it appears that TRUMP could be the next big thing in the realm of cryptocurrency. However, this is the positive side that everyone is currently aware of.
Risk-Linked to TRUMP
Despite the significant attention from traders, investors, and crypto whales, one concern raising alarm is the distribution of TRUMP’s holdings. According to data from Phantom Wallet, the top 10 holders currently own 86.47% of the total supply, meaning there is a possibility of pump-and-dump schemes, price manipulation, and other potential risks.
Currently, there are only 200 million TRUMP coins in circulation, while the max supply is 999.99 million. This means that 800 million TRUMP meme coins have yet to be circulated, which could create selling pressure and lead to further price decline.
$500 Million of TRUMP Sell-Off?
Besides this, a crypto expert named Conor recently made a post on X, noting that Trump has sold nearly $500 million worth of meme coins thus far. He further added that the Trump team controls 85% of the supply.
These are the pros and cons of the TRUMP meme coin, so make sure to conduct thorough research before going long or investing for the long term.