US President Donald Trump recently commented on the $TRUMP token, a Solana-based memecoin, in a meeting, acknowledging its 'success.' This comes amid discussions regarding the creation of an ETF to track this asset.
The Rise and Fall of the $TRUMP Token
The $TRUMP token caused a stir when its market capitalization soared to over $13 billion, briefly becoming the second-largest meme coin after Dogecoin. However, the success was short-lived as the market cap dropped to $8 billion, and the token's value now stands at approximately $41.3.
The Rex-Osprey Trump ETF Filing: What You Need to Know
Recently, an ETF issuer filed to launch a fund that will track the $TRUMP token. This fund may gain exposure through a Cayman Islands subsidiary, but the ETF's structure could lead to regulatory challenges.
Potential Ethical Concerns
The rapid rise of $TRUMP has led to concerns over market manipulation. It is believed that individuals within the Trump circle tightly control the supply of $TRUMP and Melania Trump's memecoin, potentially inflating their value through insider ownership.
The $TRUMP token remains a focus of interest despite controversies and fluctuating value. Its support from major crypto platforms is reinforced by possible US policy changes if Trump prioritizes cryptocurrency.
