President-elect Donald Trump has introduced a new digital asset, the OFFICIAL TRUMP (TRUMP) token, ahead of his Inaugural Day. The token has quickly risen to prominence, now ranked as the 18th-largest cryptocurrency with a market cap of $11.76 billion.
According to CoinMarketCap, the TRUMP token is priced at $53.74 which is a decrease of 19.63% within the last 24 hours after being listed on Robinhood. The trading platform confirmed the listing on X (formerly Twitter), sparking further interest in the asset.
Also Read: Melania Trump Newly Launched $MELANIA Triggers $TRUMP Nosedive
TRUMP Token Dominates in Trading Volume
The TRUMP token has achieved remarkable trading volume, recording $46.19 billion within 24 hours, making it the fourth most-traded cryptocurrency behind USDT, Bitcoin, and Ethereum. Major exchanges, including Binance, Kraken, OKX, Bybit, and Robinhood, now support the token.
Despite its success, the TRUMP token has displayed volatility, peaking at $75.35 before experiencing a decline to 53.74%. Shortly after the launch of the TRUMP token, Melania Trump announced her memecoin, $MELANIA, on January 19.
As per the latest data, $MELANIA is trading at $9.73, reflecting a 32.78% increase within the last 24 hours. The token boasts a market cap of $1.87 billion with a 24-hour trading volume of $5.04 billion.
$MELANIA’s circulating supply stands at 192.21 million tokens, with a total supply of 999.99 million tokens. Despite the recent surge, the token is down from its all-time high of $12.00 earlier in the day.
Source: CoinMarketCap
Criticism Over Dual Token Launches
The back-to-back launches of TRUMP and $MELANIA tokens have generated significant backlash. Critics argue that these tokens are part of a strategy to capitalize on the growing interest in politically branded cryptocurrencies.
José Maria Macedo, co-founder of Delphi Labs, alleged that insiders behind the TRUMP token sought to profit from its initial success by launching $MELANIA hastily. According to Macedo, this move caused a substantial loss of value, with $30 billion reportedly wiped from the market.
Financial analyst Michael A. Gayed has also raised concerns, stating that these launches risk undermining Donald Trump’s credibility before his inauguration. Similarly, Jim Bianco of Bianco Research highlighted that the market perceives the $MELANIA token as a dilution of the TRUMP token’s value, suggesting potential fears of further tokens being launched by the Trump family.
Conclusion
The introduction of the TRUMP and $MELANIA tokens has shaken the cryptocurrency market, attracting significant attention and controversy. While the tokens have experienced notable trading activity, questions remain about their long-term impact and intentions. Analysts monitor the situation closely as the market responds to these high-profile launches.
Also Read: Trump’s $TRUMP Coin Rockets by 800% – What’s Next?
