US President Donald Trump recently addressed the Solana-based $TRUMP token, which first gained public attention. At a recent meeting, he admitted to knowing little about the token other than launching it and hearing of its success. These comments came amid various developments related to the token.
TRUMP Token's Meteoric Rise and Decline
The $TRUMP token sparked interest over the weekend, as its market capitalization soared to over $13 billion, briefly making it the second-largest meme token after Dogecoin. However, its success was short-lived: the market cap dropped to around $8 billion, and the token is now trading at approximately $41.3. The volatility has raised questions about the token's stability and the possible role of insider ownership in its rise and fall.
Rex-Osprey Trump ETF Filing Details
Recent developments include filing for a fund to track the $TRUMP token. The proposed fund, named Rex-Osprey Trump ETF, may access the token through a Cayman Islands subsidiary. Despite the rush to expedite the launch, the fund's structure differs from traditional crypto ETFs, potentially facing regulatory challenges.
Potential Ethical Concerns
The rapid rise of $TRUMP has heightened concerns about market manipulation and ethical issues. It is believed that the supply of both tokens is controlled by individuals close to the Trump circle, raising questions about potential artificial price inflation. Financial firm TD Cowen has warned that such tokens pose risks to bipartisan crypto legislation efforts.
Despite controversies surrounding $TRUMP, it is already listed on major crypto platforms. President Trump hinted at issuing an executive order to prioritize cryptocurrency nationally, potentially impacting US policy in this field.
