- $42 billion market cap sparks suspicions of insider trading and manipulation.
- TRUMP token listings and trading volumes break records across major exchanges.
- Bitcoin community lashes out, calling TRUMP a “pump-and-dump scheme.”
The launch of President-elect Donald Trump’s Official Trump (TRUMP) memecoin, based on Solana, has taken the crypto world by storm. But with a $42 billion market cap and unusual trading patterns, it’s not all smooth sailing.
On January 18, blockchain analytics firm Bubblemaps flagged a crypto wallet that received $1 million just four hours before TRUMP’s launch. This wallet bought $5.9 million worth of TRUMP tokens in its first minute on the market, then cashed out $20 million, holding onto tokens now worth $96 million. These tokens were later distributed to 10 wallets that are actively selling on Solana decentralized exchanges (DEXs).
The suspicious activity has led to concerns about potential market manipulation as the token keeps making headlines.
Is TRUMP Token Just Another Money Grab?
According to Preetam Rao, CEO of QuillAudits, 80% of TRUMP’s supply is locked under CIC Digital, a Trump-affiliated company also responsible for launching his NFT trading cards.
“The top 10 holders control nearly 90% of the supply, and there’s no clear information about liquidity pool burns,” Rao pointed out. The token’s launch during an Asian morning timezone has fueled speculation about insider trading. “Honestly, this feels more like a way for Trump to make quick money.”
While some, like Rao, suspect shady practices, others argue this might be the U.S. government testing the waters for crypto innovation. “Could it be a rug pull? Maybe. But it might also set the stage for innovation,” he added.
TRUMP Token Goes Mainstream
Despite the controversy, TRUMP’s popularity is undeniable. Major exchanges like Coinbase and Binance have listed the token, boosting trading volumes. According to CoinGecko, Bitget led the action with $864.9 million in trades, followed by MEXC and KuCoin.
The frenzy has also supercharged Solana’s ecosystem. Its largest DEX, Raydium, hit record-high revenues, while the Moonshot trading platform brought over 200,000 new users on-chain in just 12 hours.
Bitcoiners Aren’t Impressed
Not everyone is cheering. Bitcoin advocates have slammed TRUMP as a cash-grab gimmick, contrasting it with Bitcoin’s principles. “Trumpcoin is just another get-rich-quick scheme. It’s nothing like Bitcoin,” said Brandon Quittem of Swan Bitcoin.
With opinions divided and TRUMP’s rise stirring speculation, one thing’s clear—the crypto world isn’t slowing down anytime soon.
