- TRUMP reached a $7.6 billion market cap within 24 hours, ranking as the third-largest meme coin and driving Solana’s SOL to record highs.
- 80% of TRUMP’s supply is controlled by CIC Digital LLC, raising centralization concerns despite its popularity.
- TRUMP’s rise overshadowed other meme tokens, causing Dogecoin to lose momentum and the MAGA token to decline further.
The official meme coin by Donald Trump, TRUMP, is topping the crypto space. Both Binance and Coinbase gave in to this popularity, with Binance already accommodating trades and Coinbase listing. Other exchange houses, including KuCoin, Kraken, and Bitget, also introduced the token.
Solana’s Boost from TRUMP Token
The coin was launched with a huge pump, peaking at $75.43 on Sunday before stabilizing at $59, according to CoinGecko. TRUMP now ranks 15th by market cap, with a valuation of $7.6 billion and a trading volume of $15 billion in just 24 hours. Built on the Solana blockchain, the token has also boosted Solana’s native coin, SOL, which hit an all-time high of $293.
Controversy has surrounded TRUMP’s tokenomics. Critics are quick to point out that 80% of its supply is controlled by CIC Digital LLC. The company is affiliated with the Trump Organization. This could, at best, be said to pose centralization concerns, but these haven’t diminished the popularity of the token.
CIC Digital previously launched NFTs related to Trump. Those too seem to be resurging; they have collected more than 2,800 sales worth $2.5 million in the last 24 hours.
Impact on Other Meme Coins
Since its launch, TRUMP has turned out to be the third-largest meme coin, second only to DOGE and SHIB. Still, its FDV, factoring in the locked tokens, now surpasses DOGE. Locked supply is unlocking over the next three years and becomes a lucrative long-term investment.
The launch affected other meme coins because Dogecoin lost some attention and fell from $0.43 to under $0.39. Meanwhile, an older Trump-themed project known as the MAGA token fell 84% since June and continued falling after TRUMP was launched.
Despite criticism, there is no lack of enthusiasm surrounding TRUMP due to its mass adoption and strong trading volumes. Whether this is something sustainable or mere hype. It has already gone down in the history books of meme coins due to its new combination of politics and cryptocurrency.
