TRUMP: Ups and Downs in the Cryptocurrency Market

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by Giorgi Kostiuk

2 years ago

The launch of the meme coin Official Trump (TRUMP) caused a stir in the crypto market, initially soaring above $70, but soon settling back to around $50. However, analysts suggest focusing on other altcoins.

Rapid Ascent of TRUMP

Donald Trump's meme coin, Official Trump (TRUMP), successfully debuted in the market, ranking among the top cryptocurrencies. The token's capitalization instantly exceeded $14.5 billion, surpassing popular tokens like Shiba Inu (SHIB). However, in the last few hours, TRUMP has encountered a slowdown, lowering its capitalization to $9.9 billion.

Analysts' Attention

Despite the intriguing prospects of rapid growth, experts believe that buying TRUMP at its peak levels is unwise. One such analyst, Michael van de Poppe, recommended focusing on altcoins that dropped by 20% over the weekend. Among them are Binance Coin (BNB), Dogecoin (DOGE), Shiba Inu (SHIB). These assets have shown substantial gains since then.

Decline in TRUMP's Value

After some time, TRUMP's price declined, especially after the competitive meme coin launch by the incoming president's wife, Melania Trump. As of today, TRUMP is trading around $50. It is noteworthy that 80% of TRUMP's total supply is held by two entities: CIC Digital LLC and Fight Fight Fight LLC, posing risks for investors.

The market situation with TRUMP's token remains highly volatile. Investments in such assets require caution, and focus should be on more stable cryptocurrencies, especially considering the central role of a few participants in the TRUMP market.

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