Donald Trump has launched his official memecoin, TRUMP, which is experiencing a huge surge in price and market capitalization. Within 24 hours of its launch, the TRUMP token skyrocketed by approximately 10,000%, moving from an initial price of around $4 to $27.80. This rapid increase has propelled TRUMP into the top four memecoins by market cap, surpassing well-known tokens like Pudgy Penguins and Floki Inu.
Currently, the TRUMP token boasts a market cap of $23 billion and a trading volume of $10.67 billion. Its popularity is growing quickly, especially among Solana-based memecoins, where it has claimed the top position. The excitement surrounding TRUMP is fueled by its listing on major crypto exchanges and the potential for further adoption.
Industry experts view the launch of TRUMP as the beginning of a “political memecoin market.” This development comes just ahead of Trump’s inauguration, where he is expected to sign an executive order addressing cryptocurrency regulations. His team, led by crypto advisor David Sacks, is working with industry leaders to create policies that aim to combat unfair banking practices and excessive regulations.
One significant issue the executive order may tackle is “debanking,” where banks close accounts of crypto firms for political reasons. Additionally, it might seek to repeal Staff Accounting Bulletin (SAB) 121, which requires companies to classify digital assets as liabilities, a rule criticized for stifling industry growth.
As the TRUMP token continues to gain traction, it may soon become the leading memecoin in the market. The combination of political backing and market interest positions TRUMP for a potentially transformative impact on the crypto landscape.
