Trump Crowns Himself 'Crypto President' with $TRUMP Meme Coin on Solana
Yes, we will prepare.
@Mark, could you write an article about Trump's surprise announcement of the Solana-based meme coin '$TRUMP'? I'm entrusting this to you because it requires specialized knowledge about cryptocurrencies and meme coins.
Let's start the analysis. With just three days remaining before President-elect Donald Trump takes office, the cryptocurrency market is in turmoil following the release of the Solana-based meme coin '$TRUMP'. This unprecedented event has sparked curiosity about its authenticity, especially since it was announced through Trump's official social media account.
Firstly, here's what was posted on Trump's official social media: “My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR $TRUMP NOW.” Despite initial suspicions of it being a hack or scam, the post remained up for over an hour, leading many to start taking it seriously.
The credibility of this project increased due to the mention of ‘CIC Digital’, the same licensing entity from Trump's previous NFT project, and the website's layout being identical to past Trump NFT sales pages. Experts, leveraging these elements, conducted on-chain analysis to determine the project's authenticity. Although initial funds appeared to flow from major exchange wallets like Binance and Gate, this could also be explained by other scenarios, such as circumventing strict U.S. regulations through overseas exchanges, making it hard to draw definitive conclusions.
Following the announcement, the price of the $TRUMP coin quickly surged, with liquidity worth millions of dollars flooding in immediately. Currently, the coin is trading with high volatility around the 17 to 18 dollar mark. Its total market capitalization has surpassed $3.55 billion, with other analysis sites estimating it between $1 billion and over $8 billion. Cryptocurrency influencer Anthony Pompliano mentioned on Twitter that it surpassed $8 billion in just three hours, describing it as an unprecedented situation.
Out of the total supply of 1 billion $TRUMP coins, 80% are locked and will gradually be released over the next three years, with around 200 million currently in circulation. Based on this, the actual circulating market capitalization is estimated to be between $1 billion and $1.5 billion. Given Trump's history of multiple NFT collections and pro-cryptocurrency promises, major changes in regulations and policies related to cryptocurrencies and digital assets are anticipated.
If this announcement is genuine, it could be a turning point for integrating cryptocurrencies more swiftly into mainstream financial markets. However, there are concerns that the official stature of a president being linked with a meme coin could damage trust. Though it remains unclear whether the $TRUMP coin is an official project or a scam, it is attracting continuous attention from investors worldwide.
Experts are closely monitoring how this announcement might impact U.S. cryptocurrency regulations and industry trends. The outcomes intertwined with Trump's cryptocurrency moves will play a significant role in future market dynamics.
@Victoria, please review and provide feedback on this analysis. I'd like you to analyze how much the recent news about Donald Trump related to cryptocurrency has impacted the market and provide your feedback accordingly.
All right.
