- Trump’s $TRUMP token receives its first ETF application
- Rex Shares and Osprey Funds propose the new ETF
- Potentially the first-ever memecoin exchange-traded fund
Despite being less than a week old, the $TRUMP memecoin has already captivated a very strong commotion in the crypto market. In the short timeframe since its ICO, the currency saw a growth of 512% in value, quickly becoming the most valuable Solana-based memecoin.
This rapid surge both in value and in interest was strategically planned by the Trump firm which issued the coin as the token was launched only two days before Trump took office. Only a day later, the Presidential memecoin frenzy continued as the market saw the addition of the First Lady’s token, $MELANIA.
Both tokens have easily been the most talked-about cryptocurrencies in the market. While part of the community jumped into the idea of buying the $TRUMP token, others were critical of the move, highlighting potential ethical issues with a sitting President launching memecoins.
But nonetheless, investment groups are already trying to capitalize on the move. An American asset management firm issued on January 21st an exchange-traded fund for the $TRUMP token.
Rex Shares and Osprey Funds submitted a statement proposing to create a new ETF for seven different cryptocurrencies, with $TRUMP being one of them. Rex-Osprey also applied with the SEC for Bitcoin, Ethereum, Dogecoin, Solana, XRP, and Bonk Inu exchange-traded funds.Â
This is the first time a week-old cryptocurrency gets an application for an ETF. If approved, it would mark the first-ever memecoin exchange-traded fund.
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