The newly launched Official Trump (TRUMP) meme coin is quickly gaining popularity among crypto enthusiasts due to its significant price surge. On January 18, 2024, U.S. President Donald Trump introduced the new meme coin in his post on the X platform.
TRUMP: Impressive Price Performance
Since the post was published, TRUMP has gained widespread global attention, attracting major investors and traders. As a result, the TRUMP price surged from $4 to $35, marking nearly a 790% increase in less than 24 hours.
TRUMP's Potential Risks
Despite the significant attention, TRUMP raises concerns due to the allocation of holdings. According to Phantom Wallet data, 86.47% of the total supply is owned by the top 10 holders, creating a risk of price manipulation. Currently, only 200 million of the possible 999.99 million TRUMP are in circulation, which could create selling pressure.
$500 Million of TRUMP Sell-Off
Crypto expert Conor noted that Trump has sold nearly $500 million worth of meme coins and stated that the Trump team controls 85% of the supply.
While TRUMP shows impressive achievements, significant risks are associated with the high concentration of ownership. Investors are advised to conduct thorough analysis before making any investment decisions.
