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The digital currency ecosystem was thrown into a frenzy as United States President-elect Donald Trump launched the $TRUMP memecoin on January 17.
United States President-elect Donald Trump launched the $TRUMP memecoin on January 17. While the memecoin soared to a market capitalization of $25 billion at the peak, several controversies are linked to it.
One of these controversies is tied to the number of holders. Multiple explorers show that just 20 addresses hold more than 87% of the $TRUMP tokens.
The market has seen a few traders with unusual growth trends from early exposure to TRUMP. To some market analysts, these are largely insiders within the Presidential inner circle.
According to market data, the top 20 wallets collectively own 870,202,451.79 TRUMP tokens. This leaves about 12.97% of the remaining supply of 129,797,522.86 tokens in the hands of retail investors. Solscan data shows that a total of 463,876 holders are now linked with the TRUMP token.
Health and tech specialist Dr Danish called the coin a scam and an embarrassment for Americans. He shared a screenshot that showed large allocations to Creators & CIC Digital.
$TRUMP coin is a scam and embarrassing for all US citizens. Essentially, it allowed insiders to snipe the entire supply at launch. We should hope for better from our leaders. Just because the other side is corrupt doesn’t give you a license to do the same. I hope people on… pic.twitter.com/yHgfdQhZqz
Infact, the screenshot shows six different wallets belonging to Creators & CIC Digital receiving allocations ranging from 2% to 36% of the total supply. The insight shared also shows a 10% liquidity and another 10% designated for public distribution.
Judging by chatter on X, the different tokens associated with the TRUMP token have continued to dump. Per insight from Connor, Trump-linked wallets have collectively sold approximately $500 million worth of the tokens.
From what I can see onchain, Trump has sold ~$500M of tokens thus far. The Trump team still controls 85% of supply pic.twitter.com/p4CcRFdrV0
The TRUMP Token Price Movement
At the time of writing, the price of TRUMP has jumped to $27.29, up by 536% in the past 24 hours. The token has suddenly defied the current market reality that has seen the price of Bitcoin face temporary rejection at $105,000.
Historically, memecoins are known to exhibit huge volatility. In the run-up to the election and after, Donald Trump-linked tokens recorded a massive rally. This reflected the sentiment around the president’s victory.
While most of these tokens have maintained a bullish outlook, there is a relative slowdown in their price growth. Market analysts remain cautious that TRUMP may soon reverse the massive rally it has picked since its launch.
However, it has a chance to become the next big memecoin if it survives current euphoria phase
Regulatory Implications
Under the Gary Gensler-led US Securities and Exchange Commission (SEC), related TRUMP token launches may come with some forms of crackdowns.
However, it remains uncertain how the next Chairman, Paul Atkins, will manage related speculative trading moving forward. Many community members have flagged the inconsistencies in the token launch and whether it is linked to President Trump.
It is worth noting that the Trump family has experience launching tokens, NFTs, and properly structured DeFi projects like World Liberty Financial. As a result, the due diligence to prevent regulatory backlash might have been put in place.
This is besides the general immunity that comes from being the President of the United States.
In addition to this, the team behind the TRUMP token published a disclaimer page that absolved of any form of liabilities. This token launch, however, might serve as a major precedence for what is to come in the next four years.
This is not financial advice and should not be taken as such.
Disclaimer:info@kdj.com
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