US President Donald Trump publicly addressed the $TRUMP token, highlighting its success and the development of a TRUMP ETF during a recent meeting.
Meteoric Rise and Fall of the $TRUMP Token
The Solana-based $TRUMP token drew significant attention when its market capitalization soared to $13 billion, temporarily becoming the second-largest meme coin in the world after Dogecoin. However, its market cap soon decreased to $8 billion, raising questions about the token's stability and the role of insider ownership in its fluctuations. These changes followed the launch of a new meme coin by First Lady Melania Trump.
The Rex-Osprey Trump ETF Filing
Amid these developments, a filing was submitted for the creation of the Rex-Osprey Trump ETF, which aims to track the $TRUMP token. The fund plans to gain exposure through a Cayman Islands subsidiary. However, the fund's structure might pose challenges with regulators due to its differences from typical crypto ETFs covering Bitcoin and Ethereum.
Ethical Concerns and Implications
The success of the $TRUMP token has highlighted concerns regarding market manipulation and ethical issues. It is believed that the supply of $TRUMP and Melania Trump's meme coins is controlled from within the Trump family circle, raising questions about potential artificial inflation of their value. TD Cowen expressed concerns that the rapid rise of presidential meme coins could hinder the passage of comprehensive crypto legislation. President Trump hinted at the possibility of issuing an executive order that makes cryptocurrency a national priority in the US.
The $TRUMP token and its related developments continue to spark discussions and draw attention from the public and regulators. Potential changes in US crypto policy could have far-reaching consequences for the industry.
