Donald Trump’s latest move into the crypto industry, with his Solana-based memecoin “Official Trump” ($TRUMP), has generated buzz and skepticism among marketers. The 185% price spike and $4 billion valuation have prompted experts to question its long-term prospects amid speculation of a ‘pump and dump’ scenario.
With 80% of the tokens locked and a gradual unlock schedule, the market is hooked on the price of the $TRUMP token and its fundamentals ahead of Trump’s swearing-in. While supporters vouch for its potential, critics liken it to fleeting political signs from the recent past. Is $TRUMP a Bold Investment or a Fleeting Trend? The story unfolds in this news.
TRUMP’s history with cryptocurrencies!
In recent years, Donald Trump has been running on a pro-crypto platform. Notably, he has his series of NFT collections launched between 2022 and 2024. Additionally, Trump has also backed a decentralized finance (DeFi) platform called World Liberty Financial ($WLFI).
After being sworn in on January 20, Trump is expected to issue an executive order regarding crypto, which could be the first of many. with Donald Trump, the American crypto landscape could undergo a major shift, transformation, and forever.
Is TRUMP Token a pump and dump situation?
The cryptocurrency market experienced a terrifying pump-and-dump situation on Election Day. PolitiFi (Political Memecoins) reportedly experienced a major price crash, with top tokens losing ~60% within hours.
A similar situation occurs when the memecoin comes onto the market with only 3 days to go until the swearing-in of newly elected President Donald Trump for the 2nd time. Marketers speculate that a situation similar to Election Day could be observed.
Notably, 80% of the 1 billion TRUMP coins are locked and will be gradually unlocked over three years. This would bring the circulating supply to just 200 million tokens, bringing the market cap closer to $4.05 billion. Additionally, trading volume has skyrocketed to over $3 billion, highlighting the increased price action.
Analyst Views on the New TRUMP Token Launch!
Cygaar is a well-known software engineer with over 117,100 followers. He stated that the coin’s official website was similar to the one used to sell and promote its NFTs. Furthermore, it is attributed to CIC Digital, which is also the same official Donald Trump license for his NFTs.
He further believes that the new TRUMP memecoin website is a mirror of his previous website with NFTs, after initial suspicions. He concluded by saying: “This is the biggest cyber heist of all time, or this is legit.”