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Two prominent cryptocurrency experts suggested that Donald Trump may have made a significant financial mistake shortly before taking office. DonAlt and Cred claimed that the launch of Trump’s official meme coin, TRUMP, resulted in a substantial loss of wealth.
The Initial Surge of TRUMP Coin
Launched on January 17th, TRUMP reached a fully diluted market cap of $72 billion within a few days. This surge positioned TRUMP among the top 20 crypto assets, with Trump and associated individuals holding 80% of the supply.
Subsequently, Trump abruptly released a second official coin called MELANIA. This move caused a sudden drop in TRUMP’s price as investors realized these new tokens could pose risks to their TRUMP coins.
“This move undermined the seemingly unstoppable rise of TRUMP Coin.” – Cred
DonAlt warned that the 80% allocation held by Trump and his team would eventually be unlocked over the next 36 months, potentially triggering significant selling pressure and alerting investors to possible losses.
He expressed concerns, stating, “I believe there will be a serious decline in the market due to the way the Melania coin was launched.” TRUMP fell from its peak of $72.62 on January 19 to $29.43 by the time this article was prepared.
Trump’s Links to Cryptocurrency
The direct involvement of Trump in the launches of both coins remains contentious, though they are run by organizations affiliated with him, CIC Digital LLC and Fight Fight Fight LLC. In a statement about the new memecoin, Trump said, “I started it, and I don’t have much information beyond that. I heard it’s successful, but I didn’t check.”
Despite the debate surrounding meme coins, Trump’s team has begun to alleviate burdens on cryptocurrency investors. The new SEC under Trump has removed a controversial accounting guideline that prevented banks from holding crypto assets on behalf of their clients.
These movements in the crypto market are closely monitored by investors and market observers.
Rapid rises and sudden drops are common in the cryptocurrency markets. Evaluating Trump’s memecoin launch in this context reveals important lessons regarding the stability and management of crypto assets. Investors are advised to exercise caution with such risky ventures and to analyze market trends carefully.
