If you have seen the Official Trump cryptocurrency trending and are unsure what it is about, then this article is for you. Read on to learn more about it.
Understanding Official Trump
Trading with the ticker $TRUMP, Official Trump is a meme coin created by US President Donald Trump. According to data on the project’s official website (gettrumpmemes.com), $TRUMP represents the President’s community-fueled movement.
The Vision Behind Official Trump
Donald Trump says his coin aims to mix political identity with meme culture, thus creating an asset that is community-driven and embodies the values of ‘strength’ and ‘winning.’ The US President launched $TRUMP two days before being sworn in to advocate for those ideals among his supporters.
Is Official Trump a Scam or a Legit Token?
Since its launch, $TRUMP has raised debate among crypto enthusiasts, with some saying it was a smart move by Trump while others questioning its purpose.
To offer you a clear picture, let’s examine $TRUMP’s tokenomics, contract address, and vesting schedules.
Official Trump’s Tokenomics
How did Trump’s crypto team allocate the meme coin? Firstly, The maximum supply of Official Trump is 1 billion tokens. Of the figure, 100 million $TRUMP were set aside for public purchase, allowing early investors to access the meme coin. Another 100 million Official TRUMP tokens were deployed on various liquidity pools to facilitate seamless trading. Trump-controlled entities, Fight Fight Fight LLC and CIC Digital LLC, hold the remaining tokens (800 million).
Positive Points: By allocating 10% of $TRUMP supply to liquidity pools, the President’s crypto team has ensured that crypto traders trade smoothly. Additionally, the 10% set aside for the public to access ensures that anyone can buy Trump’s meme coin, regardless of their country of residence.
Concerns: Since insiders control 80% of $TRUMP, a centralization issue arises, preventing crypto investors from buying the meme coin as it poses the risk of dumping.
$TRUMP’s Vesting Schedules
Here are the lock-up periods of Trump’s official token:
1. 360 million $TRUMP tokens have been locked for three months.
2.180 million $TRUMP have a lock-up timeframe of six months.
3. Another 180 million $TRUMP will remain untouched for twelve months.
Once the lock-up periods end, the tokens will be released every day for two years.
Positive points: By releasing the locked tokens gradually, the risk of price crashes resulting from sudden coin dumps is reduced. Furthermore, since the token unlocks will continue until Trump’s fourth year as the US President, the plan indicates that Trump is committed to the project’s long-term success.
Concerns: The token unlocks could reduce the value of the circulating supply, causing investors losses.
$TRUMP’s Smart Contract
The Official Trump meme coin runs on Solana, a leading blockchain that facilitates quicker and cheaper transactions than its main competitor, Ethereum. Its smart contract ends with ‘…GiPN.’
We took a look at the contract on SolScan and identified no malicious functions, meaning $TRUMP is safe for trading as of January 22nd.
Official Trump’s Price Performance
$TRUMP entered the market on January 18th. Within a few hours of its launch, it reached a market cap of $5 billion and traded at $30. As the hype around the meme coin continued to build, Official Trump peaked at $72 the following day.
However, the token has dipped to $41 at press time after Trump told journalists in a press conference on January 21st that he did not know much about it. Data from CoinGecko shows $TRUMP has a market capitalization of $8.6 billion.
Exchange Listings
Official Trump is easily accessible thanks to its many exchange listings. As of January 22nd, investors can purchase the meme coin on Binance, Coinbase, KKX, Gate.io, Bybit, MEXC, and more. Notably, top US broker Robinhood has also listed the token.
Final Thoughts
Based on our research, $TRUMP isn’t a scam. However, the decision to invest in this meme coin is entirely up to you.
