Trump’s Official Memecoin to Launch on Top Crypto Exchanges Amid Controversy and Market Surge
The official memecoin tied to the 47th President of the United States, known as the TRUMP token, is set to launch on several major cryptocurrency exchanges, including Coinbase and Binance, marking a significant step forward for politically themed digital assets.
Major Exchange Listings
Coinbase revealed its intention to list the TRUMP token through its Coinbase Assets X account, though no firm launch date has been set. Binance, on the other hand, has confirmed that it will open trading for the token on January 19. The TRUMP token is already live on multiple other exchanges, such as Bitget, KuCoin, and Kraken, according to CoinGecko’s tracking data.
Market Metrics and Performance
The TRUMP token has rapidly gained attention, boasting an impressive market cap of over $7.6 billion and a daily trading volume that exceeds $15 billion. This solid performance stands in contrast to earlier attempts at launching Trump-themed tokens, which faced notable difficulties in securing exchange listings.
Challenges for the MAGA Token
The first Trump-themed cryptocurrency, the MAGA token, experienced significant challenges when attempting to be listed on major platforms. According to reports by CoinDesk, exchanges like ByBit and OKX rejected the MAGA token due to concerns about its political nature, while Kraken declined to comment on its listing application. The MAGA token has seen a dramatic 84% drop from its June peak of $17.80, now trading at just $1.44, based on CoinGecko’s data.
The TRUMP token’s launch has contributed to the MAGA token’s sharp decline, with its market cap shrinking from $158 million to $64 million within days. Despite this, MAGA remains in circulation, continuing to attract a niche following.
Criticism Over TRUMP Token’s Centralization
The TRUMP token has come under fire for its tokenomics, particularly the fact that a staggering 80% of its total supply is held by wallets belonging to CIC Digital LLC, an entity affiliated with the Trump Organization. CIC Digital was also behind the launch of Trump-branded Non-Fungible Tokens (NFTs) in 2023, further fueling the debate over the concentration of token control.
Resurgence of Trump NFTs
Trump-themed NFTs have experienced a resurgence, with over 2,800 sales recorded in the past 24 hours, generating more than 765 ETH (around $2.5 million), according to OpenSea. This renewed interest in Trump NFTs suggests a broader wave of enthusiasm surrounding Trump-related digital assets, which may spill over into the ongoing excitement surrounding the TRUMP token.
Looking Ahead
While the TRUMP token has gained notable exchange listings and market momentum, questions linger about its long-term sustainability. Its centralized token distribution and political associations could pose challenges in the volatile world of cryptocurrency. Nevertheless, the growing interest in Trump-themed tokens and NFTs highlights the increasing convergence of politics and blockchain technology, setting the stage for a new wave of digital assets in the political sphere.
