Trump’s Memecoin Becomes Second Largest After Dogecoin in Record Time
Donald Trump’s memecoin, TRUMP, has quickly become a sensation in the crypto world, surpassing Shiba Inu (SHIB) and Pepe (PEPE) to rank as the second-largest meme token by market cap.
Within a day of its launch, TRUMP reached a valuation of $13.5 billion, second only to Dogecoin (DOGE), which currently holds a $54 billion market cap.
The token was announced on Truth Social and X just days before Trump’s inauguration, framed as a celebration of his ideals. Within hours, TRUMP’s value skyrocketed, gaining listings on major exchanges like Binance, Kraken, and HTX. Coinbase has hinted at adding the token, further boosting its momentum. By Saturday, TRUMP had surged to $69 per token, marking a staggering 230% gain in 24 hours, even as other meme coins like DOGE and SHIB suffered significant losses.
READ MORE: Senator Lummis Challenges Government’s Plan to Sell Seized Bitcoin
However, the excitement has been tempered by criticism of the token’s centralization. A massive 80% of TRUMP’s supply is controlled by entities linked to the Trump Organization, raising concerns about potential market manipulation. Critics, including analyst Ryan Selkis, have urged a redistribution of the supply to improve fairness and stability. Similarly, YouTuber Coffeezilla warned that inexperienced investors might suffer losses from the token’s speculative nature.
Despite these challenges, TRUMP’s launch has driven broader interest in crypto. The Moonshot app, which benefited from the token’s popularity, saw 400,000 new users in days. While some see the token as a potential innovation driver, others caution that its long-term success will depend on addressing its structural and ethical concerns.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
