Trump and Dump? TRUMP Coin Soars After Binance and Coinbase Listings
Leading crypto exchanges Binance and Coinbase have announced that they will list Official Trump, also referred to as Trump coin, causing the meme coin’s price to continue to soar over the past 24 hours. TRUMP coin is trading at $40.70 at the time of writing after it surged more than 200% in the last 24 hours. This is a new all-time high for the crypto, which opened at around $0.18 just yesterday, according to data from GeckoTerminal. Binance and Coinbase Welcome Trump Coin to Their Platforms The largest crypto exchange in terms of 24-hour trading volume, Binance, announced in a Jan. 19 blog post that it will activate a USD Coin (USDC) and Tether (USDT) trading pair for the meme coin on 2025-01-19 8:30 (UTC). Users will be able to deposit TRUMP to the centralized exchange 2 hours before trading for these spot pairs go live. Withdrawals will be enabled at 2025-01-20 8:30 (UTC). Also read: Donald Trump Reveals Up to $5 Million in Crypto Holdings and Nets $7 Million from NFTs Similarly, leading US crypto exchange announced that it has added the meme coin to its listings roadmap. The official contract address for the Solana token is: 6p6xgHyF7AeE6TZkSmFsko444wqoP15icUSqi2jfGiPN. President Launches TRUMP Meme Coin, Sparks Controversy and Market Frenzy The listing announcements from Coinbase and Biannce come after US the President-elect unveiled his own cryptocurrency, TRUMP coin, which has already surged to a market capitalization of $8.54 billion since its launch. The coin’s debut, timed just days before the incoming President assumes office as the 47th president of the United States, has ignited both enthusiasm and criticism across political and financial spheres. The venture, coordinated by CIC Digital LLC, an affiliate of the Trump Organization, marks a new chapter in Trump’s branding empire, which has previously expanded into ventures like Trump-branded footwear and fragrances. The launch was also facilitated by Fight Fight Fight LLC, a Delaware-based entity that holds a significant stake in the project. Also read: Trump NFTs: Exploring the Rise and Impact of Digital Collectibles A Meme Coin Like No Other TRUMP coin, categorized as a meme coin, is designed to celebrate the ideals of “winning” and resilience, according to its official website. Meme coins, often inspired by internet trends, are known for their lack of intrinsic value and extreme volatility, making them speculative investments. Approximately 200 million tokens were initially issued, with plans to release an additional 800 million over the next three years. Despite its meteoric rise in market capitalization, the coin’s website includes a disclaimer clarifying that it is not an investment vehicle, nor is it affiliated with any political campaign or government entity. On his social media platform, Truth Social, Trump celebrated the launch, stating:“My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING!” Critics Call Out Timing and Intentions While supporters hail the initiative as a bold step toward mainstreaming cryptocurrency, critics argue that Trump’s timing is opportunistic. Nick Tomaino, a prominent crypto venture capitalist, expressed concerns about the coin’s structure and timing, stating, “Trump owning 80 percent and timing launch hours before inauguration is predatory and many will likely get hurt by it.” Also read: Former President Donald Trump Eyes Fourth NFT Collection The project has also drawn comparisons to other meme coins notorious for speculative hype and pump-and-dump schemes. Investors have been cautioned about the risks of such volatile tokens, as early enthusiasm can quickly give way to sharp price crashes. Cryptocurrency’s Role in the Trump Era Trump’s foray into cryptocurrency represents a significant shift from his previous skepticism about the industry. At a Bitcoin conference in Nashville last year, he pledged to transform America into “the crypto capital of the world.” This newfound embrace of digital assets stands in contrast to the stricter regulatory stance taken by the Biden administration, which raised concerns about fraud and money laundering in the crypto sector. With Trump now preparing to take office, cryptocurrency advocates are hopeful that his administration will foster a more favorable environment for the industry. However, the TRUMP coin’s rapid rise and its implications for market stability may add fuel to ongoing debates about the role of cryptocurrency in the economy. What Lies Ahead for TRUMP? As TRUMP gains momentum, the project’s success will likely depend on whether it can sustain interest beyond its initial hype. With Trump’s history of polarizing both supporters and critics, the coin could either become a landmark moment in the intersection of politics and crypto or serve as a cautionary tale about speculative excess. For now, the world watches as Trump’s meme coin makes waves in both the financial and political arenas, a bold experiment in blending leadership with digital currency.