In recent days, the cryptocurrency market has seen the impressive emergence of the Trump memecoin. With a market capitalization of $9.62 billion just two days after its launch, this coin quickly became the focus of investors and the digital currency community.
Unexpected Launch
“This is my official new Trump meme. It’s time to celebrate the victory. Join this very special Trump community,” Trump wrote, sharing a link to guide people on how to buy the memecoin. This information shocked many, especially since the coin was launched and directly linked to former U.S. President Donald Trump.
Trump memecoin causing market chaos
Screenshot from the official website of the Trump memecoin.
Impressive Achievements
According to data from CoinMarketCap, as of January 20, the Trump memecoin had reached a market capitalization of $9.62 billion, ranking 18th in the market just two days after its launch. The coin hit a high of $77 on January 19 and is currently trading around $45-47. There are 200 million tokens in circulation.
Suspicion and Verification
At the time of its release, the Trump coin faced skepticism from the market. Many believed that Trump’s account had been hacked, and false information was posted to carry out fraudulent activities. However, Cointelegraph later verified the project as legitimate through sources close to the Trump family. The project also links to previous NFT initiatives by Trump.
Impact on the Market
The launch of an officially sanctioned memecoin quickly drew attention from the community and caused a sharp rise in the token’s price. “The Trump coin has sucked liquidity from other coins. Many people sold their altcoins to buy the Trump memecoin,” said Daan Crypto, a cryptocurrency trader.
Advice for Investors
Investors should be cautious when trading this cryptocurrency. As a memecoin, it is susceptible to significant price manipulation, which can lead to substantial risks. Investors should carefully consider their decisions before entering this highly volatile market.
Conclusion
The Trump memecoin has indeed created a big wave in the cryptocurrency market. Backed by a prominent figure like Trump, this coin has attracted significant investor interest. However, investing in cryptocurrencies, especially memecoins, always carries high risks. Investors need to be knowledgeable and careful to avoid unnecessary losses.
