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The new President of the United States, Donald Trump, made significant waves in the cryptocurrency market before his inauguration. Last Friday, Trump’s team launched a memecoin named TRUMP on the Solana 
$146 blockchain. The token rapidly gained traction over the weekend, surpassing a market value of $73 billion, generating considerable interest within the crypto community.
Criticism Surrounding the TRUMP Memecoin
While the TRUMP memecoin has garnered substantial attention, it has also faced criticism. Anthony Scaramucci, founder of SkyBridge Capital, labeled the initiative as harmful to the sector. Bloomberg ETF analyst Eric Balchunas referred to it as an “exploitative” move.
Concerns also arise from the fact that 80% of the TRUMP tokens are held in wallets associated with Trump’s team, which could exert pressure on the market. However, the project team clarified that these tokens are subject to a three-year vesting period.
Signals of a New Era
The TRUMP memecoin signals a shift in the United States regarding cryptocurrency regulations. Bernstein analysts believe this initiative is encouraging for U.S. entrepreneurs. Nevertheless, the sustainability of the TRUMP token will depend on the project team’s future actions.
Analysts suggest that the Trump brand could provide potential longevity for the project. However, this necessitates that the team develop the project with a less exploitative model.
