US President Donald Trump recently addressed the Solana-based $TRUMP token during a meeting.
The Rise and Fall of $TRUMP
The $TRUMP token caused a sensation when its market cap surpassed $13 billion, briefly making it the world's second-largest meme coin after Dogecoin. However, its value soon dropped to $8 billion, raising questions about the token's stability and the role of insider ownership in its trajectory.
Rex-Osprey Trump ETF: Key Insights
Amid these developments, a filing has been submitted for an ETF that will track the $TRUMP token. The proposed fund, known as the Rex-Osprey Trump ETF, might gain access to the token through a Cayman Islands subsidiary. However, the structure of the ETF could face regulatory challenges due to its deviations from typical cryptocurrency ETFs.
Ethical Concerns and Future Prospects
The $TRUMP token's rapid rise has sparked concerns over market manipulation and ethical questions. It is believed that the supply of the token is controlled by individuals close to the Trump family, leading to doubts about its integrity. Financial services firm TD Cowen has warned that the sudden rise of presidential meme coins could impede efforts to pass comprehensive crypto legislation.
Despite the controversies surrounding the $TRUMP token, major platforms like Coinbase and Robinhood have already listed it. President Trump has hinted at plans to make cryptocurrency a national priority through an executive order.
