A day ago, President Donald Trump posted his token with the ticker $TRUMP on his X account.
Many people expressed scepticism about this token because there are already numerous Trump-themed meme tokens in the crypto space, including MAGA tokens and others. Nonetheless, with his token outperforming most other coins recently, is it truly another scam, or should we remain sceptical about the token?
Here are some key points you need to know before deciding whether to buy it:
- Only 20% of the Total Supply Is Circulating
The $TRUMP token has a total supply of exactly 1 billion tokens. However, only 20% of this supply is currently in circulation.
This means that only 200 million tokens (1/5) are being traded on the market for now. The remaining 800 million tokens will be distributed over the next 36 months.
- $TRUMP Token Market Cap
At the moment, the $TRUMP token is priced at $60.59.
This places its market capitalization at $12.11B with an FDV at $60.59B.
However, when the distribution phase begins, will market demand be able to keep up with the increased supply? Only time will tell.
- Is It Really His Token or Another Scam?
Truth be told, there is no definitive confirmation of this because numerous accounts on X have been hacked recently.
However, based on a tweet from his son, it is possible that the $TRUMP token is indeed managed by his crypto team, just like the NFTs he has launched in recent years.
- Good PR or Bad PR?
Personally, I can't definitively say whether this is entirely a bad move, as this $TRUMP shenanigan has brought significant attention to the crypto market—whether for better or worse.
Unlike the market behaviour of several years ago, we are now witnessing a strong culture of "degen" traders and investors that is reshaping both the stock and crypto spaces.
Personally, with this event unfolding, I hope Trump becomes a U.S. president with a crypto-friendly approach for the "crypto bros." Fingers crossed.
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