Trump’s memecoin debut through CIC Digital LLC hit the token from the price ranging in pennies to over $50 in 24 hours. The project, which has been also announced on Trump’s social media accounts, is aimed at praising Trump’s leadership.
Token Distribution and Value
Currently, there is one billion tokens minted. Out of which 20% tokens are in circulation. Furthermore, Trump controlled organization have 80%, which is worth perhaps $ 47 billion. The token realised high trading volume of 55 billion US dollars in one single 24 hours showing high market depth.
Controversy and Concerns
Civil society and ethics watchdogs worry about conflicts of interest as Trump prepares to move to the White House. This situation became even more interesting when Melania Trump also ventured into the memecoin business. However the launch even temporarily impacted the price of TRUMP.
Launch and Initial Impact
The TRUMP memecoin launch is the most significant synergy of presidential authority and the cryptocurrency market to date. As it is praised by supporters as a free-market move critics are concerned about possible ethical issues and market manipulation.
