January 29, 2025, 9:33 am | Read time: 3 minutes
A new cryptocurrency called OFFICIAL TRUMP (TRUMP) is causing a stir. Within a few hours of its launch, memecoin reached a market cap of over 7 billion US dollars. However, the unusual token distribution raises questions.
A particularly controversial new cryptocurrency has made an unprecedented start within just a few hours of its launch. It is OFFICIAL TRUMP (TRUMP), a Solana token with a current market cap of over 7 billion US dollars. TECHBOOK takes a look at Trump’s Memecoin.
Trump’s Memecoin Among the Top 30 Cryptocurrencies
There are currently just 200 million of the one billion tokens in circulation. The remaining 80 percent, with a current equivalent value of around 30 billion US dollars, belong to companies associated with US President Trump’s family. Distributing the tokens in this way is unusual, to say the least. It also raises concerns among some market participants about possible market manipulation and conflicts of interest. This surprise coup has catapulted the TRUMP meme project from nowhere into the top 30 of all cryptocurrencies. The token can already be purchased on a number of exchanges, such as Binance, Coinbase, OKX, Bitget, Kraken, MEXC, and many more.
Blockchain Experts Take a Critical View of Memecoins
Memecoins are cryptos that are not aimed at specific use cases or technological progress. They belong to the entertainment department in the crypto world. Blockchain experts are often critical of the hype surrounding memecoins, as a lot of money flows into projects with no innovative added value. Memecoins do not contribute to the infrastructure of the decentralized internet Web3, which is currently under construction.
Dogecoin (DOGE) is considered the pioneer of all meme projects and has now established itself in the top 10. It was once developed as a parody of Bitcoin. Unexpectedly, however, it has been able to gather a crowd of supporters. Elon Musk is considered a big fan, and it is probably no coincidence that he named the newly created US authority DOGE (Department of Government Efficiency), which he heads. Other memecoins in the top 100 include Shiba Inu, PEPE, BONK, Pudgy Penguins, FARTCOIN, dogwifhat, and FLOKI. A memecoin called OFFICIAL MELANIA MEME (MELANIA) is also new among the 100 largest cryptocurrencies, as Melania Trump has also launched a memecoin on the market with tremendous success.
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Trump’s Possible Plans for the Crypto Market in the USA
The fact that the Solana blockchain was chosen for both MELANIA and TRUMP could indicate two things. Firstly, good advice, as Solana memes are currently the hottest traded memecoins on the crypto market. On the other hand – and this is more interesting – a plan that has only been rumored so far.
Among other things, Coinpedia reports on plans according to which President Trump is considering abolishing the capital gains tax for American investors on cryptocurrencies issued in the US. Although Solana is managed in Switzerland, it was developed in the USA. If the rumored plans come to fruition, other cryptocurrencies registered in the US such as Cardano (ADA), Algorand (ALGO), Ripple (XRP), Hedera (HBAR) and Agoric (BLD) would also benefit. However, it is still unclear whether and when these plans will actually be implemented.