Key Takeaways
- TRUMP token has surpassed Pepe and Shiba Inu to turn into the second-largest meme coin.
- The token skilled criticism over its distribution, with 80% owned by Trump Group-linked corporations.
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TRUMP, a newly launched meme coin created by President-elect Donald Trump, has flipped Pepe (PEPE) and Shiba Inu (SHIB) to turn into the second-largest meme tokens by way of market cap, CoinGecko knowledge reveals. The milestone was reached simply over a day after launch.
With a present market cap of round $13.5 billion, TRUMP solely trails Dogecoin (DOGE), the favored meme coin and favourite of Elon Musk, co-leader of the Division of Authorities Effectivity (DOGE) below the incoming Trump administration. Dogecoin’s market worth sits at round $54 billion as of the most recent knowledge.
Trump’s official meme coin was launched on Reality Social and X on Friday night time, two days forward of his inauguration. He described the token launch as a celebration of his beliefs and a logo of “WINNING.”
The token’s valuation escalated to round $8 billion in lower than three hours of launch. Within the following hours, its costs blew previous $30 upon a wave of listings on well-liked crypto exchanges like Upbit, HTX, Kraken, Gate.io, OKX, and Binance.
On Saturday night time, Coinbase introduced including TRUMP to its itemizing roadmap, a transfer indicating that the key alternate is contemplating itemizing the token sooner or later.
Help from main buying and selling platforms has additional fueled TRUMP’s bullish momentum. The token has doubled in worth after Coinbase’s announcement. On the time of writing, one TRUMP is value round $69, representing a 230% enhance over 24 hours.
Throughout the identical timeframe, DOGE and SHIB have been down round 7% every, whereas PEPE misplaced 11% of its worth. The broad meme coin market was in sharp decline with most tokens posting double-digit losses, wiping out their current positive aspects.
Not like different main meme cash, Fartcoin (FARTCOIN) continues to develop and keep its positive aspects at press time.
Ongoing controversy
There’s loads of pleasure—and skepticism—surrounding Trump’s sudden token launch. A whopping 80% are held by corporations tied to the Trump Group creates a extremely centralized atmosphere. It raises critical issues about market manipulation, potential for rug pulls, and the long-term viability of the mission.
Stephen Findeisen, broadly generally known as Coffeezilla, a YouTuber and investigative journalist identified for his work in exposing scams and fraudulent schemes, known as the discharge of TRUMP “nasty work.”
A lot of Trump’s supporters, particularly those that will not be well-versed in crypto, may face monetary losses, in keeping with Findeisen.
> dropping TRUMP memecoin 2 days earlier than turning into president is nasty work
> new SEC/DOJ ensures no prosecution
> 80% of tokens vest to insiders DURING the presidency
> most ppl dropping cash will probably be MAGA who aren’t crypto native
> *ought to* be against the law however crime is authorized now ig?— Coffeezilla (@coffeebreak_YT) January 18, 2025
Moonshot, which not too long ago surged to turn into the highest finance app on the US Apple App Retailer due to the TRUMP token, mentioned that they had onboarded over 400,000 customers.
Enterprise capitalist Chris Burniske mentioned he was not snug with the token allocation, however noticed its enormous potential to encourage future innovation within the area, much like how “The DAO motion of 2016” influenced the ICO increase.
Commenting on this matter, Ryan Selkis, Messari founder, believes the present token distribution is a significant vulnerability that would result in issues down the road. He advised the workforce burn 75% of the token provide.
“You created $5bn in worth in a single day. Alter distribution from 80-20 to 50-50 and make this an equal partnership, and that may fly larger. Preserve it 80-20 and it’ll backfire and be a millstone on the admin,” Selkis wrote on X.
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