TRUMP Token Explodes by 183% Since Its Launch, Shaking Up the Crypto Market

With $9 billion worth market capitalization and support from Binance and Coinbase, it is the latest sensation in meme coins.

The launch of a new meme coin, dubbed TRUMP (TRUMP), has sent shockwaves through the crypto market. Backed by Binance and Coinbase, the token has become the latest hot property in the meme coin realm. Here's a closer look at the opportunities, risks, and trends emerging from the TRUMP token phenomenon.

A deep dive into TRUMP token's explosive launch

The OFFICIAL TRUMP (TRUMP) meme coin hit the scene on Friday evening, sparking an immediate frenzy in the crypto market. Within 24 hours, the token experienced a three-digit surge in value, propelling its market capitalization to an astronomical $9 billion. TRUMP's price hit $46, while trading volume soared past $15 billion in a single day.

The TRUMP memecoin has surged by 183% since launching last Friday. Source: CoinGecko

This spectacular launch was further amplified by the involvement of former and future President Donald Trump, who rallied his millions of followers to join in. This move brought a wave of new investors and swiftly pushed the token into the limelight. TRUMP currently ranks 21st on CoinMarketCap and 23rd on CoinGecko, making it one of the largest meme coins.

Why Binance and Coinbase's support for TRUMP matters

The backing of major crypto exchanges like Binance and Coinbase has played a pivotal role in the success of the TRUMP token. Binance announced that TRUMP will start trading on January 19, with pairs against USDT and USDC. Same-day withdrawals will also be enabled. Meanwhile, Coinbase added TRUMP to its roadmap, indicating a possible future listing on the platform.

The involvement of these leading exchanges boosts investor confidence and expands the token's reach. It not only highlights the influence of institutional support on meme coins but also showcases how rapidly this market can evolve.

Competition heats up: TRUMP vs. PEPE and Shiba Inu

TRUMP's success has heightened the competition in the meme coin sector. Within a day, the token managed to outpace the popular PEPE coin, which at one point reached a market cap of $7.5 billion. PEPE dropped by 15% following the rise of TRUMP, falling to trades at $0.000018.

TRUMP's next target seems to be Shiba Inu (SHIB), which currently holds a market capitalization of $13 billion. Considering TRUMP's rapid ascent, it doesn't seem far-fetched that it could take this spot, especially with continued support from new investors and the major exchanges.

Risks and opportunities of investing in meme coins

While TRUMP's rise is noteworthy, it's crucial to remember that meme coins are highly volatile and carry substantial risks. Many tokens in this segment fizzle out quickly or turn out to be rug pulls. Even with a token launched by a former US president, investors should be cognizant of the risks.

On the flip side, meme coins like TRUMP also present opportunities for quick gains, especially for early investors. Success stories, such as that of a trader who made $6.8 million in 24 hours, demonstrate the potential for profits in this market. However, caution is still advised: only invest what you are willing to lose.

What the TRUMP hype teaches us about opportunities and risks

The TRUMP token marks a new chapter in the meme coin sector. With its explosive launch, major exchange support, and impressive numbers, it showcases the power of hype and community.

However, the meme coin market remains volatile and unpredictable. It's essential for investors to approach these tokens with a critical eye. The TRUMP hype presents opportunities, but it also serves as a reminder that success in the crypto world is often accompanied by risks.