US President Donald Trump addressed the highly publicized Solana-based $TRUMP token at a meeting, noting its perceived success amid plans for a tracking ETF.
Meteoric Rise and Fall of the $TRUMP Token
Over the weekend, the market cap of the $TRUMP token briefly soared to $13 billion, positioning it as the second-largest memecoin behind Dogecoin. However, this success was short-lived as the market cap declined to $8 billion, raising questions about its sustainability and the influence of insider ownership. This occurred shortly after First Lady Melania Trump launched her own memecoin.
The Rex-Osprey Trump ETF Filing Explained
A new securities filing has unveiled a plan to launch an ETF tracking the $TRUMP token. Named the Rex-Osprey Trump ETF, it may gain exposure through a Cayman Islands subsidiary. This has sparked discussions around regulatory challenges despite the wave of new crypto ETF filings.
Potential Ethical and Market Concerns
While the $TRUMP token has gained attention for its rapid rise, there are concerns about market manipulation. It is believed that most of the tokens are controlled by the Trump family. Financial firm TD Cowen warned that these presidential memecoins could hinder legislative efforts if proven true.
Despite the controversies, the $TRUMP token was quickly listed on major platforms like Coinbase and Robinhood. President Trump considers making cryptocurrencies a national priority, potentially appointing David Sacks as 'crypto czar,' which could reshape U.S. crypto policy.
