- TRUMP token launched by Donald Trump surged 300%, hitting a market cap of $8 billion in just three hours.
- 80% of TRUMP is owned by Trump-affiliated entities, raising concerns about legitimacy and ownership concentration.
- BTC showed mild gains, ETH declined, and XRP surged, highlighting mixed trends in the broader crypto market.
Presidential-elect Donald Trump has introduced a new crypto token named TRUMP, which caused considerable attention and skepticism within the crypto community. Launched just days before his inauguration, this Solana based meme coin has demonstrated a parabolic surge in value.
Explosive Debut of $TRUMP Memecoin
The introduction of TRUMP follows posts on Trump’s social media platforms, Truth Social and X. In less than three hours, the coin’s market cap surged to $8 billion, with trading volumes nearing $1 billion. The token’s price rose steadily, increasing over 300% from its initial price of $0.18 to reach $18 at press time.
This meme coin, inspired by Trump’s campaign slogan “Fight, Fight, Fight,” was launched in response to an alleged assassination attempt at a Pennsylvania event in July 2024. The total supply is at 1 billion tokens, with 200 million coins already in circulation. The remaining supply will be released over the next three years.
Ownership and Legitimacy Concerns
A substantial 80% of the TRUMP tokens are held by CIC Digital LLC, an affiliate of The Trump Organization, and Fight Fight Fight LLC, which was recently registered in Delaware. This concentration of ownership raises questions about the project’s legitimacy, especially following recent hacks targeting various X accounts.
Trump’s Truth Social account further led speculation by announcing Peggy Schwinn’s appointment as the new U.S. Deputy Secretary of Education. This post added intrigue to the activities surrounding the $TRUMP token.
BTC, ETH, and XRP
While TRUMP had a fast rise, the broader crypto market had mixed trends. Bitcoin had an increase of 0.30%, trading at $102,287.86 in the past 4 hours. Its RSI is at 61.51, indicating mild bullish momentum, with a MACD of 57.57 suggesting ongoing positive momentum, with potential for a slowdown.
Ethereum faced a decline of -5.20%. The RSI is approaching oversold territory, while the MACD indicated a bearish crossover, hinting at further downside pressure.
XRP had +34.54%. This surge reflected strong bullish momentum, though its RSI suggested near overbought conditions, potentially leading to a correction. The MACD showed a positive divergence, reinforcing the bullish trend.
Future Outlook for Top 3 Digital Assets
Bitcoin’s current stability contrasts with Ethereum’s bearish trend and XRP’s gains. BTC might continue with moderate gains, while ETH could face additional declines if bearish sentiment persists.
XRP’s sharp rise may lead to profit taking, especially if its RSI remains up. Monitoring key support and resistance levels alongside market sentiment is crucial to help try and predict the potential market moves.
