NAIROBI (CoinChapter.com)— President-elect Donald Trump surprised the cryptocurrency market with the launch of the $TRUMP Coin, a new meme coin that quickly gained traction. Announced late Friday, just days before his inauguration, the token’s value soared from a few cents to $33.87 within hours—an increase exceeding 18,000%. Currently, $TRUMP trades at approximately $26 with a market cap of over $5 billion, ranking it among the top 30 cryptocurrencies globally.
Trump Coin Dominates Crypto Market
Since its debut, TRUMP has gained attention for its staggering performance. Over 144,000 transactions have been recorded, with buyers heavily outpacing sellers. The trading volume has surpassed $1.9 billion, signaling high demand among both retail and institutional investors.
Only 20% of the token’s supply is publicly available, adding to the scarcity and driving demand. The liquidity pool holds $599.4 million, providing strong market support.
Critics Call TRUMP a “Cash Grab”
The announcement of TRUMP coincided with the Crypto Ball in Washington, D.C., attended by industry leaders, politicians, and Trump’s allies. Major exchanges, including Kraken, have listed the token despite initial skepticism. However, its rapid price surge has raised eyebrows, particularly as Trump-affiliated entities own 80% of the circulating supply, creating potential conflicts of interest.
Critics argue that TRUMP represents a direct attempt to monetize his political influence. Ethics experts like Adav Noti from the Campaign Legal Center called the launch “a blatant effort to cash in on the presidency.” This sentiment echoes concerns over transparency and the potential for retail investor exploitation.
Trump’s Vision for Crypto
Trump has pledged to reverse regulatory policies from the Biden administration, which he claims have stifled the industry. His plans include appointing crypto-friendly regulators, such as Paul Atkins, to replace outgoing SEC Chairman Gary Gensler.
The TRUMP Coin launch has highlighted the complexities of crypto adoption in political spheres. Its rapid rise reflects both market enthusiasm and the inherent risks of meme coins. As Trump prepares for his second term, his approach to cryptocurrency could redefine the U.S. regulatory landscape, sparking both opportunities and challenges for the industry.
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