Donald Trump's memecoin, launched on January 17, attracted significant attention in the crypto community, generating $11.4 million.
Digital Entities and Liquidity Pools
The memecoin was launched on the DeFi platform Meteora, built on the Solana blockchain, sponsored by CIC Digital LLC and Fight Fight Fight LLC, entities linked to Trump. These organizations control 80% of the token supply, locked in liquidity pools set to unlock over three years. Gauntlet CEO Tarun Chitra noted that fees originated from liquidity provided to support trading activity.
Massive Fees and Exchanges
Data from Gauntlet showed that tens of millions of $TRUMP tokens were sent to centralized exchanges like Binance and OKX shortly after launch. On January 19, TRUMP hit an all-time high of $80 before drastically falling to $28.
ETF Industry Rushes to Benefit
The frenzy surrounding Trump's memecoin has spilled over into the ETF market. Rex Financial and Osprey Funds aim to create a $TRUMP ETF. Experts offer critical views on memecoins, noting their potential decline in value.
Trump's memecoin has shown its economic significance and sparked interest both within and beyond the crypto world, despite criticism and volatility.
