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Prior to Trump's Swearing-In, the Market Cap of Meme Coin Drops by $11 Billion
The digital token that Donald Trump, the soon-to-be president, unveiled over the weekend attracted early trade activity in the billions. But the crypto market was rocked when it plummeted on Monday, just before his inauguration.
After its January 18 introduction on Solana, the Official Trump ($TRUMP) token's market valuation jumped to more over $15 billion by Saturday. But by Monday, it had fallen to $9 billion, erasing $6 billion in value.
Jan. 20 marks Trump's return to the Oval Office. His inaugural address will serve as a barometer for investors on his short-term policy objectives.
The value of meme coins associated with notable people or events may fluctuate wildly. The speculative character of meme currencies, investors taking their money out, and concerns about the token's future worth are all possible causes of the $11 billion decrease.
According to the $TRUMP website, 80% of the meme currency is held by CIC Digital and Fight Fight Fight, two entities associated with the Trump Organization. The price might fall if this concentrated supply causes people to fear market manipulation or sell off their shares following lock-up periods.
The most regularly traded currency on Binance is now $TRUMP, according to Monday's report from 10X Research. Its $6.3 billion in 24-hour trading volume was more than $5.4 billion for $SOL and $5.1 billion for $BTC combined.
"A lot of people think TRUMP just another meme coin, but it's actually a 'fan token.'" According to the corporation, holders use it to celebrate the market gains after Trump's victory in November and to show their support for crypto-friendly policies that may be implemented by his government.
Additionally, as a fan token, it has the ability to be useful by delivering airdropped benefits, such as special event access, news, and other gated advantages, straight to the wallets of holders.
#TrumpMarketWatch #BTCBreaksATH #MelaniaTrumpLaunchesToken #TRUMPOnBinance #TRUMPCoinMarketCap
The digital token that Donald Trump, the soon-to-be president, unveiled over the weekend attracted early trade activity in the billions. But the crypto market was rocked when it plummeted on Monday, just before his inauguration.
After its January 18 introduction on Solana, the Official Trump ($TRUMP) token's market valuation jumped to more over $15 billion by Saturday. But by Monday, it had fallen to $9 billion, erasing $6 billion in value.
Jan. 20 marks Trump's return to the Oval Office. His inaugural address will serve as a barometer for investors on his short-term policy objectives.
The value of meme coins associated with notable people or events may fluctuate wildly. The speculative character of meme currencies, investors taking their money out, and concerns about the token's future worth are all possible causes of the $11 billion decrease.
According to the $TRUMP website, 80% of the meme currency is held by CIC Digital and Fight Fight Fight, two entities associated with the Trump Organization. The price might fall if this concentrated supply causes people to fear market manipulation or sell off their shares following lock-up periods.
The most regularly traded currency on Binance is now $TRUMP, according to Monday's report from 10X Research. Its $6.3 billion in 24-hour trading volume was more than $5.4 billion for $SOL and $5.1 billion for $BTC combined.
"A lot of people think TRUMP just another meme coin, but it's actually a 'fan token.'" According to the corporation, holders use it to celebrate the market gains after Trump's victory in November and to show their support for crypto-friendly policies that may be implemented by his government.
Additionally, as a fan token, it has the ability to be useful by delivering airdropped benefits, such as special event access, news, and other gated advantages, straight to the wallets of holders.
#TrumpMarketWatch #BTCBreaksATH #MelaniaTrumpLaunchesToken #TRUMPOnBinance #TRUMPCoinMarketCap
pi network 100% scam,why?
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