- TRUMP token rockets to a $71 billion valuation in under 48 hours.
- Talks of tax reforms stirred by Trump’s crypto involvement and potential motives.
- Over 80% of TRUMP token locked by Trump-affiliated organizations for three years.
In a surprising twist, rumors about possible tax reforms for crypto capital gains are swirling—and they’re tied to none other than President-elect Donald Trump’s memecoin, Official Trump (TRUMP). Launched on Solana, TRUMP has taken the crypto world by storm, dethroning heavyweights like Pepe, Shiba Inu, and Dogecoin to claim a fully diluted valuation of $71 billion in just under 48 hours.
According to CoinGecko, TRUMP is now the 15th-largest cryptocurrency by market cap, a jaw-dropping milestone that has everyone talking.
Crypto Taxes: Could Change Be Coming?
As it stands, crypto in the U.S. is taxed like property—sales or trades are slapped with capital gains taxes. If you hold assets for under a year, you could face taxes ranging from 10% to 37% depending on your income. Long-term holders fare a bit better, with rates between 0% and 20%.
But what if this all changes? Trump’s unexpected crypto adventure has sparked chatter among investors and crypto enthusiasts. Some believe his newfound wealth in TRUMP tokens could influence tax policies.
“Now that 80% of Trump’s wealth is in crypto, you can expect major changes to federal crypto taxes. It’s all part of the game,” said Mike Alfred, crypto investor and founder of Alpine Fox LP.
Caitlin Long, CEO of Custodia Bank, echoed this sentiment:
“Trump has a real reason to shake up crypto taxes now. A US president-elect launching a meme token wasn’t on my bingo card!”
TRUMP Token’s Meteoric Rise
Launched just days before Trump’s inauguration, the TRUMP token skyrocketed 610% overnight, peaking at $68 per token. Interestingly, 80% of TRUMP’s supply is controlled by Trump-affiliated entities like CIC Digital and Fight Fight Fight. Locked under a three-year vesting schedule, these holdings won’t hit the market anytime soon.
The TRUMP token frenzy might just reshape how the U.S. views crypto—both in politics and policy. Buckle up, because this ride is far from over.
