Donald Trump’s new coin TRUMP is going crazy. Launched just before Trump’s inauguration the coin’s price is through the roof. Some see it as a big step towards crypto adoption, others are concerned about ethics and regulations.
Trump’s coin is booming
TRUMP coin started at under $10 and went to over $70 in days. At its peak, the coin was over $10 billion. Now it’s back down to $25. But it’s still in the top 25 coins getting a lot of investor interest.
GetTrumpSneakers.com and GetTrumpWatches.com are now accepting TRUMP coins. Even big companies like Travala.com are looking into TRUMP coin payments.
What do the haters say?
While Mr. President’s fans are celebrating Trump’s presence in crypto, others see it differently. Many experts say the token has no real use beyond speculation.
Danny Scott, CEO of CoinCorner, was one of those who questioned Trump. “He says he doesn’t know much about the coin. It looks like a joke. It’s just a stunt,” Scott said.
Trump himself downplayed the financial impact saying “Several billion—that’s peanuts for these guys”. This nonchalant attitude has raised questions if the coin is for personal gain or a real investment.
The rapid rise of Trump’s meme coin has also raised regulatory questions. Analysts say the launch of a crypto coin by a sitting president creates conflicts of interest.
The crypto world is waiting to see if Trump will make good on his campaign promise to make the U.S. the “crypto capital of the world”.
Meanwhile, ethics experts are concerned that Trump and his team own 80% of the total TRUMP coin supply. If they had to sell a large chunk of it, it could cause massive price drops and losses to smaller investors.
Market Impact
Trump’s influence on the crypto market goes beyond his own coin. The hype around his crypto-friendly policies caused Bitcoin to hit an all-time high of $109,071 on his inauguration day. Solana also saw a price increase when Trump’s token was launched on their blockchain.
But others warn that meme coins could lead to big drops. Grzegorz Drozdz, market analyst at Conotoxia, calls them “speculative assets” that can be very volatile. He also questions whether the introduction of politically linked tokens will damage the crypto industry.
Is it going to be risky?
Despite all the drama Trump’s coin is still getting attention. Some investors think it could go even higher. Experts say it could hit $90 by February 2025. Others are neutral as meme coins usually drop big after the hype dies down.
Melania Trump’s coin has already crashed fast from $13 to $2.70. This also makes us wonder if Trump’s coin will fail.
Final Words:
Trump’s entry into crypto has caused a big stir. His meme coin has made billions, got both love and hate, and raised ethical questions. Some see it as a sign of crypto’s growing importance, others think it will create market instability.
For now, it’s on hold. Will Trump’s coin go up or is it just another crypto bubble waiting to pop? Only time will tell.