- Trump launches memecoin two days before inauguration
- $TRUMP grows 301% in hours, now trading at $25.49
- $TRUMP becomes 30th most valuable digital asset
Only two days before the Presidential inauguration, President-Elect Donald Trump shocked the world by announcing a new Trump-inspired memecoin.
The Official Trump (TRUMP) cryptocurrency asset launched on December 18th at an ICO value of $6,24 per token. Only a couple of hours later, the Presidential memecoin grew by an incredible 301%, currently trading at $25.49 according to CoinMarketCap.
To put in perspective just how significant $TRUMP ICO was, the currency is already the 30th most valuable digital asset based on market capitalization WITH A $5.08 billion market cap. As of now, the new memecoin is already more valuable than relevant DeFi projects such as Polygon, Aave, VeChain, and Monero.
As far as memecoins go, $TRUMP is already the 4th most valuable meme currency, behind Pepe, Shiba Inu, and Dogecoin.
Trump Memecoin Tokenization
According to the official Trump memecoin page, the currency launched with a supply of 200 million $TRUMP. The total maximum supply will be 1 billion $TRUMP with the subsequently locked tokens being released over the next three years.
An interesting aspect of the Trump coin is the fact that the current 200 million supply, or about 20% of the maximum supply, is all that will be available for public trading. Half of that amount was released to the public, and the other half to liquidity.
The 80% left belongs to six different groups involved in the creation of the token, and CIC Digital, a licensing company that belongs to Donald Trump. $TRUMP was launched on the Solana Blockchain.
Is The Trump Coin Legal?
The legality of the Trump memecoin, $TRUMP, is indeed a complex issue as this is the first—and maybe the only time a U.S. President launches a memecoin only two days before taking office.
Attorney David Lesperance told Cointelegraph that he believes it is a violation of The Foreign Emoluments Clause. This clause states that U.S. government officials are not allowed to receive monetary incentives from other countries without Congressional approval.
The fact that Trump owns up to 80% of the supply of tokens could make this argument hold more weight, but it will ultimately depend on crypto’s long-running debate: “Is the Trump memecoin an investment?”
Moreover, the official website for the token has a disclaimer that the memecoin was launched as a form for fans to support and engage with the ideals of Donald Trump. The note also highlights that $TRUMP acquisition is not meant to be a form of investment, not categorizing the currency as an investment contract or security contract.
Part of the crypto community has also criticized the move to launch the memecoin. Venture capitalist Nick Tomaino went as far as to claim that “Trump owning 80% and timing launch hours before inauguration is predatory.”
Ultimately, the new Presidential memecoin will likely not suffer any legal repercussions, especially given the fact that Trump himself is appointing new government officials that will work on crypto regulation moving forward. While some may have ethical questions to be raised about, the $TRUMP coin is unlikely to unlikely to face significant legal challenges in the near future.
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