Here is what you need to know about the Official Trump Meme Coin 💵TRUMP💵

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This weekend, the crypto market went wild as President-elect Donald Trump launched the Official Trump (TRUMP) memecoin. In just two days, it skyrocketed past a $10 billion market cap!

✅ What Is the Official Trump Meme Coin?

Launched on the Solana network, the TRUMP meme coin is a cryptocurrency introduced as a way to celebrate Donald Trump's recent electoral victory ahead of his inauguration.

Similar to other meme coins, the TRUMP token was inspired by internet memes and culture. However, unlike Bitcoin or Ethereum, which aim to solve specific problems, meme coins thrive on community engagement and popularity. Naturally, the “Official Trump” meme coin was significantly boosted by Trump’s influence as a political figure.

💵Supply and Distribution

The TRUMP coin launched with an initial supply of 200 million coins, with plans to release another 800 million over the next three years. This staggered distribution is supposed to maintain interest in the meme coin over time. However, the project faced criticism due to the high centralization of tokens. 80% of the total supply will go to the coin creators and CiC Digital (an affiliate of the Trump Organization).

🎯Market Performance

Within 7 hours of its release, the TRUMP coin's market capitalization surged by more than 800%, reaching $3 billion. As of January 20, the coin’s market cap is around $12 billion after crossing the $15 billion mark one day prior.

❌ Controversies and Ethical Concerns

Conflict of interest: The Trump Organization, through its affiliate CIC Digital LLC, reportedly holds a large portion of the TRUMP coin supply. Critics argue that this raises potential conflicts of interest, as those close to the project stand to benefit the most from its success.

Investor risks: Meme coins are known for their volatility, and TRUMP is no exception. The rapid rise and fall of its value have raised questions about investor risks.