As a researcher with a background in the crypto industry and experience in following political news, I find the recent developments surrounding Trump Coin intriguing. The announcement of Donald Trump’s potential entry into the crypto space with his own coin could be an effective campaign strategy for the upcoming Presidential elections. However, it remains to be seen if Trump Coin has any official affiliation with the former president.
According to recent news in the cryptocurrency sector, it seems that Donald Trump and his team are seriously considering the creation of a Trump Coin, with active plans underway to make their entrance into the $2.5 trillion crypto market. Previously known for his strong advocacy for the crypto industry should he secure another term as President in 2024.
The introduction of the Trump Coin might be an attempt to intensify the efforts for the approaching Presidential elections. Intriguingly, industry insiders are working diligently to trace the genesis of the Solana-backed meme currency named DJT and the label “Trump coin”.
I’ve been closely following the market, and you might be aware that DJT is the ticker symbol for Truth Social, the social media company founded by former President Donald Trump. The hype around this stock has grown significantly since its public debut in March 2024, earning it a reputation as a meme coin within the crypto community. At one point, the DJT share price soared to an impressive $79.38. However, its current value hovers around $35.
Trump Coin, freshly launched, will go head-to-head with other popular meme tokens on the Solana blockchain such as Dogewhiz, JPETRO, and MotherIggy. According to Solana’s blockchain explorer, SolScan, the token commenced trading on Monday evening and presently boasts a market capitalization of $73 million.
According to reports from industry insiders, despite no formal announcement, Donald Trump has allegedly been preparing to introduce a digital coin for the past two months. Vivek Ramaswamy, a previous GOP presidential contender and advisor to Trump, revealed this information.
It’s refreshing to see President Trump and his team showing interest in cryptocurrencies, even accepting them, making him a trailblazer. By doing so, he will attract libertarians and non-traditional Republican supporters – an effective way to expand his base.
Trump Meme Coins Tank 31%
When the announcement about the official Trump Coin was made public, coins modeled after Donald Trump, such as MAGA (TRUMP), experienced a significant decrease in value. Over $150 million was eliminated from the market capitalization of the TRUMP token following this news.
The coins modeled after smaller Trump themes saw steeper drops. For instance, Donald Tremp (TREMP), a meme coin on the Solana platform, fell dramatically by 36.8%. Its value dipped from $0.95 to a low of $0.60 but then bounced back up to $0.76.
As a crypto investor, I’ve noticed some intriguing price movements in the digital asset market recently. Specifically, the Jeo Boden (BODEN) token associated with Joe Biden, my former presidential rival, experienced a significant drop of over 22%. Conversely, DJT, which is a relatively obscure token in the crypto world, saw its market capitalization soar to an impressive $120 million on June 18.
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2024-06-18 12:52