In an expected turn of events, President-elect Donald Trump's official Truth and X(formerly Twitter) accounts endorsed a meme coin, $TRUMP built on the Solana blockchain.
An enthusiastic signature backed the announcement, “My NEW Official Trump Meme is HERE! Join my very special Trump Community” on Friday evening.
The post caught the crypto community by surprise causing a division in opinions regarding the legitimacy of the $TRUMP meme coin. According to TRUMP’s official website, 1 Billion coins will be in supply. However, only 200 million coins will circulate as 80% of them shall be locked and will be unlocked gradually within over 3 years following the launch.
Is this the Greatest Cyber Heist of All Time or Crypto’s Fusion with Politics?
Amidst the excitement and confusion from the $TRUMP announcement posts, many crypto traders made an unprecedented dive into this meme coin escalating its trading volume within 2 hours of its launch.
As of press time, the meme coin has hit $1.44B in trading volume and $2.29B in market capitalization according to GeckoTerminal. In less than 4 minutes of its launch, $TRUMP witnessed a price surge of 300% and is trading at $11.01 as of writing.
Source: Geckoterminal.com
However, on-chain nerds have kept their eyes glued on data sets and are raising serious concerns about the legitimacy of this exploding meme coin.
They raised eyebrows regarding the significant liquidity seeding from Gate.io and Binance, both serving customers outside the U.S. Analysts think this is a red flag given Trump’s “America-first” stance on financial policies as the coin’s performance attracts more speculation.
Either way, degen traders are unbothered by the possibility of a malicious pump and dump before Donald Trump’s inauguration.
If $TRUMP is legitimate, what are the Implications?
Assuming Trump’s meme coin is legitimate, the involvement of third parties in $TRUMP might be a positive sign towards admirable crypto partnerships to expect in his administration.
In addition, this might drive mass crypto and blockchain adoption as the bond between cryptocurrency and politics grows stronger.
Clear compliance policies and crypto regulatory scrutiny could accelerate how this technology is incorporated into everyday life as Real World Assets (RWA) tokenization gains momentum this year.
One can expect new interest from traditional investors who support Trump’s financial policies. Above all, meme coins could see themselves as true community-driven digital assets while gaining popularity in the wider society.
On-Chain Media articles are for educational purposes only. We strive to provide accurate and timely information. This information should not be construed as financial advice or an endorsement of any particular cryptocurrency, project, or service. The cryptocurrency market is highly volatile and unpredictable.Before making any investment decisions, you are strongly encouraged to conduct your own independent research and due diligence
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