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TL:DR;
- Within 24 hours of its launch, TRUMP’s price went through the roof at $30, and its market cap soared to roughly $6 billion, according to the two biggest crypto data aggregators.
- The question now arises whether the newly launched token associated with the president-elect has the legs to become the largest in its field.
The cryptocurrency world still finds ways to surprise even the most experienced market participants, and the past 24 hours have only gone to prove that narrative. Who could have expected that the upcoming US president would announce its official meme coin? Especially one who used to blast the market in the past and called BTC a scam.
Nevertheless, that happened, and Donald J. Trump announced the OFFICIAL TRUMP (TRUMP) meme coin on Friday evening. Needless to say, the token took the market by storm, skyrocketing to a market cap of nearly $6 billion (as of now), which put it in the top 30 largest assets by that metric.
Within the span of 24 hours alone, TRUMP’s trading volumes shot up to almost $10 billion on CMC and over $11 billion on CG. It has also impacted the network it is based on, as Solana’s native token registered a fresh peak of $270 today after gaining 30% daily at one point.
TRUMP is now the fourth-largest meme coin, surpassing the likes of BONK, WIF, and PENGU in a day. It trails only to DOGE, SHIB, and PEPE. The frog-based meme coin is not that far away, with a market cap of $7.6 billion.
Can TRUMP surpass all three and reign supreme across the meme coin field? ChatGPT believes it has the legs to do it, given the high-profile endorsement it already has from Donald Trump. If more people of a similar caliber join the pack, OFFICIAL TRUMP could fly further.
Although the tokenomics raised some concerns among investors since the biggest portion is held by the creators and CIC Digital, ChatGPT actually believes that this is a bullish factor for TRUMP:
“Strategic Tokenomics: With a total supply of 1 billion tokens and 200 million available initially, the structured release schedule aims to maintain scarcity and drive demand. Additionally, 80% of the supply is held by CIC Digital LLC, subject to a three-year lock-up period, preventing immediate large-scale sell-offs.”
Still, there are some challenges ahead of the newly launched asset. It fights an uphill battle against Dogecoin and Shiba Inu to some extent since both assets have existed for years. In fact, DOGE is the OG meme coin and serves as the market maker and leader. Taking it down from its throne is a lot harder to do than it sounds, ChatGPT added.
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