This week, Donald Trump became the first US president to launch a meme coin. The new TRUMP token quickly drew attention from both markets and critics.
Rapid Rise of the TRUMP Meme Coin
On Friday, January 17, Donald Trump officially launched the TRUMP ($TRUMP) meme coin. Within a day, the coin's market cap exceeded $8 billion, making it the third-largest meme coin after Dogecoin and Shiba Inu. Trading volumes continue to surge, with major exchanges like Coinbase and Binance announcing $TRUMP listings. Initially, the launch met skepticism, but as time passed, it became clear that there was no hacking involved. Official representatives confirmed their endorsement of the token.
Sudden Success of Early Investors
The TRUMP token soared in value, hitting a high of $67 per coin. This allowed early investors to secure significant profits. Some traders quickly sold their holdings to lock in gains. For instance, one trader made $6.8 million in a single day, while another turned an investment of $1.1 million into $70 million in just four hours.
Ethical Concerns and Criticism
The launch of $TRUMP raised concerns about potential conflicts of interest with Trump's upcoming inauguration. Ethics watchdogs noted the timing of the coin's release. Some in the crypto industry, like Anthony Scaramucci, voiced fears about negative impacts on the sector's reputation.
The launch of the TRUMP meme coin has generated significant interest from both investors and critics. The rapid market cap growth and sudden successes of early investors have drawn attention, yet ethical concerns remain unresolved.
