The "Trump meme coin," often ticker symbol $TRUMP, is a cryptocurrency on the Solana blockchain that gained significant attention due to its association with the current U.S. President. Here's a rundown of key aspects:
Origin and Purpose:
* It launched on January 17, 2025, just before the then President-elect's inauguration.
* The coin's website declared it the "only official Trump meme."
* Its logo features a cartoon image of him.
* Despite the name, initial concerns arose about its legitimacy and direct affiliation, but these were later dispelled when he acknowledged it on social media.
Market Performance and Dynamics:
* The coin experienced rapid price surges after its launch and following endorsements on social media.
* However, it has also been subject to significant volatility, typical of many meme coins.
* Its market capitalization has fluctuated considerably since its inception.
* Trading volumes can be very high during periods of increased interest.
Key Events and Developments:
* Recently, the coin's price surged after an announcement of a private gala dinner for the top 220 holders, scheduled for May 22 at his Washington golf club. The top 25 holders will also receive a White House tour.
* This event, promoted as "the most exclusive dinner in the world," caused a significant price increase followed by a sharp decline as some investors took profits.
* Holders needed to have held a substantial amount of the $TRUMP token between April 23 and May 12 to be ranked for the dinner invitation.
Ownership Structure:
* A significant portion of the $TRUMP supply (80%) is held by two entities linked to the Trump Organization: CIC Digital LLC and Fight Fight Fight LLC. Only 20% was made available to the public during the initial coin offering.
Criticism and Concerns:
* Some critics have labeled the project a "scam" and accused the President of exploiting his supporters for financial gain.
* Concerns have been raised about the concentration of ownership and the potential for market manipulation.
