Former Binance CEO Changpeng Zhao (CZ) has addressed rumors about creating a meme coin tied to his name. This comes following the meteoric rise of the TRUMP meme coin, which reached a staggering $75 billion fully diluted valuation (FDV) just one day after launch.
Taking to X (formerly Twitter), CZ humorously denied any plans to launch a meme coin. He quipped that “a few other country leaders might be considering it,” given the ease with which TRUMP achieved its $75 billion cap.
TRUMP Token’s Market Activity Reaches New Heights
The TRUMP token has seen a 25% increase over the past 24 hours after it retraced from its all-time high of $75.5 before settling at $58.3. The token’s 24-hour trading volume has skyrocketed to $52.8 billion—marking a 348% increase. Notably, it has a circulating supply of 200 million tokens and a total supply of 999.99 million.
Since its launch on January 18, the TRUMP token has surged over 41,000%, climbing from an opening price of $0.18 to a peak of $75, making it one of the most explosive meme coin launches in recent history.
However, its trading volume-to-market cap ratio of 435.79% highlights the speculative nature of the token, raising concerns about market stability and sustainability. CZ’s comments spotlight the speculative nature of meme coins, which are often fueled by social media hype and market excitement rather than tangible utility or technological innovation.
The TRUMP token is no exception, as its rapid rise is associated with the office of the U.S. President rather than fundamental value.
Melania Trump Joins Meme Coin Frenzy
Adding to the frenzy of the incoming US president launching a coin, his wife, Melania Trump, has followed the lead by launching her coin. In a post on X yesterday, Melania announced the launch of MELANIA, causing a temporary dipping in the price of TRUMP before it rebounded.
However, like Binance CZ, prominent market figures such as James Stephen, aka MrBeast, the most followed YouTuber, have declined to launch a meme coin despite pressure from community members.
Overall, the TRUMP token’s market activity highlights the ongoing fascination with meme coins and their ability to attract significant liquidity despite their inherent risks.
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