The crypto market is experiencing a huge shock.
With his inauguration ceremony just around the corner, President-elect Trump could not hold back and gave the crypto market a little shock. On January 18, local time, Trump announced the launch of his personal Meme coin TRUMP on social media. This event set a precedent for a president of a country to issue personal MEME coins, and the crypto world once again ushered in a milestone in witnessing history.
After the news was released, TRUMP coin was hyped up, with an intraday increase of 1250% at one point, and the price rose to $80. The market value on the first day exceeded $20 billion, setting one of the fastest growth records of cryptocurrency market value. The rise of TRUMP brought a considerable wealth effect, and many participants made a lot of money, but the president's issuance of coins also triggered heated discussions around the world.
Coincidentally, this morning, Melania Trump's wife also launched the MEME token of the same name. A real estate family turned into a crypto family? The president's purpose of making money seems to be obvious.
At 10:00 a.m. local time on January 18, Trump posted on the social media platform Truth Social he founded, announcing that he would soon launch his personal meme coin TRUMP. Users can visit the website with the domain name "GetTrumpMemes.com" to purchase the token, and the accompanying picture is his iconic picture of a raised fist.
At the time, due to the numerous hacking incidents of celebrities in the crypto market, and the fact that the president was issuing coins was unthinkable, the market believed that Trump’s social media account was stolen. However, despite this, the coin still saw rapid growth. Half an hour later, the market value of the coin soared to $2 billion, and the top 10 holders held about 89.61% of the tokens, of which the address with the largest position held 80% of the tokens.
At 10:44, Trump posted on the X platform. The picture was exactly the same as the wallet address, and the text read "It's time to celebrate our victory! Join my Trump community. Get your TRUMP tokens. Have fun!" As soon as the news came out, the market was excited.
The president is issuing coins, and great wealth seems to have come to the crypto field.
Presidential effect, unlimited potential. The price of TRUMP coin skyrocketed rapidly, and then Huobi, Bitget and other exchanges launched it. TRUMP soared from $20 to $74, an increase of more than 400 times, and its market value rose from $2 billion to $15.2 billion, setting one of the fastest market value growth records. At present, the crazy effect brought by TRUMP coin has cooled down, and it is now priced at $48.65.
According to the description on the official website, TRUMP was issued on the Solana chain. The token is to commemorate the image of Trump raising his fist and shouting the iconic battle slogan "FIGHT FIGHT FIGHT" after surviving the shooting on July 13, 2024. The official website also stated that "this is the most unforgettable MEME of this century."
In order to cover a wide range of audiences and lower the investment threshold, TRUMP considerately covers a variety of payment and purchase methods. The initial purchase must be made through Moonshot, but it supports traditional payment methods such as Apple Pay, Visa, Mastercard, Venmo, and cryptocurrency payment methods such as USDC and SOL.
From the perspective of token distribution, the total supply of TRUMP is 1 billion, but only 200 million will be circulated initially, and the remaining 800 million are expected to be unlocked linearly within 3 years. It seems ordinary, but the real beneficiaries are obvious from the distribution ratio. Two subsidiaries of the Trump Group occupy an absolute share. Trump's companies CIC Digital LLC and Fight Fight Fight LLC will own 80% of the TRUMP tokens, with a lock-up period of 3-12 months and unlocked within the next 24 months.
Similar to the previous family Defi project, the official website once again stripped away sensitivity, mentioning that GetTrumpMemes is intended to express support and participation in the ideals and beliefs embodied in the "TRUMP" symbol and its related artworks, and is not intended to be the subject of an investment opportunity, investment contract or any type of securities. It also emphasized that GetTrumpMemes is not political and has nothing to do with any political campaign or any political office or government agency.
For the crypto market, this is the first time that the president has issued coins in his personal name after his family indirectly participated in DeFi, which has a profound impact. The issuance of MEME tokens by the president of a global power is a political pioneering event in the crypto market, which is likely to have a chain reaction in some other countries and regions, opening up new channels for political donations and personal profit. On the other hand, the president's participation also highlights his high recognition of cryptocurrencies. Given that the event happened just before the inauguration ceremony, and considering that Trump will sign more than 100 executive regulations on the first day to advance priority matters, the crypto market is likely to be covered. The crypto market under the new term is undoubtedly promising, and the crypto spring is expected to reappear in the next four years.
In addition, the benefit effect brought by Trump tokens is also extremely amazing. Affected by the surge in Trump, according to Planet statistics, many whales have made profits of more than 10 million US dollars, and more than 10 well-known KOLs in the Chinese area have achieved single-coin profits of more than 1 million US dollars. The smart money at address 6QSc2 has obtained funds 4 hours before the release of TRUMP tokens and purchased 1 million US dollars in the first minute, with the highest floating profit exceeding 100 million US dollars.
The red envelope effect is not limited to Trump. Despite sucking blood from the entire market, the token still single-handedly drove the main associated currencies. BTC rose from $97,000 to $105,000, and SOL became the number one winner. SOL rose rapidly late at night on January 18, breaking through $270, and the increase in the past 24 hours was as high as 23.02%.
All the participants made a lot of money, and Trump himself was no exception. With the rise in the price of tokens, Trump's net worth soared to $28 billion overnight. As of now, at the price of $48 per token, the value of the cryptocurrency he holds alone has reached $38.4 billion. Prior to this, Forbes valued Trump's net worth at $5.6 billion in November last year, which means that his net worth has increased by 7.8 times. In this regard, some netizens hotly discussed, "Three generations of asset accumulation is not as good as one day of token distribution."
Faced with such soaring wealth, the global market has also raised doubts about the president's issuance of coins. As a president, is it too ugly to openly use his personal influence to issue coins to make money? In contrast, most American presidents will disclose and divest their personal assets before taking office to avoid possible conflicts of interest and ethical issues. However, Trump is uncharacteristically making profits in the form of a zero-sum game using a virtual coin. This behavior, which blurs the boundaries between the president's administration and commercial interests, has also ushered in huge market opinions.
Jordan Libowitz, vice president of communications for the nonprofit Citizens for Responsibility and Ethics in the United States, pointed out that Trump is too selfish. "For decades, presidents-elect have tried to distance themselves from personal financial affairs in the period before taking office to show that there are no conflicts of interest. But now, Trump is launching new business projects on the weekend before his inauguration and promising to relax regulations. It is obvious that he wants to profit blatantly from his presidency."
Even in the crypto space, this behavior is not good. Nick Tomaino, founder of 1confirmation, said bluntly, "This is a predatory behavior, and many people may be harmed by it." Anthony Scaramucci, who strongly supports Trump, also made it clear that "Trump's behavior is not good for the industry. This is Idi Amin-style corruption."
In fact, Trump's profiteering did not start just now. As a businessman, before this, expanding his personal influence to the business field was his byword. Whether it is a university or a hotel, it can be seen that they are all named after Trump. He also released NFTs, and even claimed to make NFTs great again in the name of a presidential candidate. After being elected, he briefly stepped down to do Defi. Now, he has issued MEME tokens as president. It is enough to see that money-making runs through his entire political and business process. This time, it is just because of the sensitive nature of cryptocurrency that it has caused heated discussions. Looking at his style of doing things, it is a true portrayal that he gathers for profit and disperses for profit. In addition to the American priority in the diplomatic field, personal priority is also distinctive. One example is the encryption field. If it were not for the need for encryption funds and votes, he would not have completely turned to the so-called "Bitcoin" president after 21 years of strong criticism.
It must be admitted that political skills are another matter, but Trump is really good at making money, and the low threshold of encryption just corresponds to his high capital demand. After opening up a new and fully controllable encrypted political donation channel, funds are also pouring in. In addition to MEME and NFT, just this morning, WLFI, which has been sold for several months, was also sold out. According to the official website of World Liberty Financial, the Trump family's encryption project, the project's 20 billion WLFI have been sold out, which is worth $300 million at a unit price of $0.015. After the sale, the project also struck while the iron was hot and said it would open 5% of token sales again.
It is not enough to go on the field by yourself, the whole family will go on the field together. Just this morning, Melania Trump's wife also announced the launch of her own MELANIA token. After Trump forwarded it, the crypto family effect was highlighted. MELANIA also achieved a soaring trend, with the price rising from 0.4 US dollars to 18 US dollars, and the highest market value of 18.2 billion US dollars, but now both have fallen back, and the market value has stabilized at 7.2 billion US dollars.
From the perspective of token distribution, MELANIA is no less greedy, with the words "cutting leeks" written on its face. The MELANIA team holds 35% of the tokens, which will be unlocked on the 30th day. In 30 days, 10% of the tokens allocated to the team will be unlocked (accounting for 3% of the total supply). From the 2nd to the 13th month, 90% of the tokens will be unlocked linearly, with about 2.25% of the total supply unlocked each month, and all tokens will be vested in the 13th month.
The whole family came, and the market was not stupid. The impact of TRUMP was significant, and the price quickly fell back to $45. The market observation agency The Kobeissi Letter pointed out that within a few minutes after Melania launched the token, a large number of Trump coin sell orders appeared in the market, causing the market value of Trump coin to evaporate by $7.5 billion in 10 minutes. The evaporation effect is still fermenting, and the altcoins are generally falling, and SOL has even fallen to $242.
If yesterday it could be considered that Trump's issuance of coins was a special act of standing in the crypto camp, today's whole family's participation in the campaign shows that whether to issue coins or not is not important to Trump, who has a vague boundary, and it is just a convenient way to make money. Although there are suspicions of ethical issues, judging from the existing legal means alone, the US Constitution does not seem to restrict the president from using his personal influence to gain benefits, especially in the field of cryptocurrency where the regulatory boundaries are not yet clear.
From the perspective of the crypto market alone, celebrity MEMEs are already commonplace, but the final outcome of celebrity MEMEs is mostly a mess. Seeing early and running fast is the key to success. Of course, Trump may consider the long-term continuation of the token due to his reputation and public recognition, but in any case, this move has truly brought political MEMEs to the forefront. It can be foreseen that the issuance of MEMEs by subsequent political participants and even leaders of other regions will increase, and the Politifi narrative will usher in a new round of peaks. At 12 noon Eastern Time on January 20 (1 a.m. Beijing Time on January 21), Trump's inaugural speech will officially begin, and hype and frenzy will set sail again.
But it is not known whether this is a new round of get-rich-quick carnival or a grand feast for leeks.
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