TRUMP coin speeds through $20 billion market cap in a day, what's the aftermath?

Trade TRUMP token: https://www.gate.io/pilot/solana/official-trump-trump2

At 10 a.m. Beijing time today, US President-elect Trump announced the launch of his official personal Meme coin ‘TRUMP’ through his social media platform Truth Social, and users can purchase the token through ‘GetTrumpMemes.com’. Although the market initially suspected that this news might have been posted by a hacked account or other malicious operation, the market capitalization of the TRUMP token quickly exceeded 2 billion US dollars. At 10:44, Trump’s official account on X confirmed the contract of this Meme coin again, basically ruling out the possibility of the account being hacked.

It has been discovered by the community that the issuance website of TRUMP is similar to Trump’s previous NFT website, and the most recent source of funds is the Gate.io trading platform. The purchase of TRUMP tokens supports traditional payment methods such as Apple Pay and cryptocurrency payments, the issuance chain is Solana, and the goal is to commemorate Trump’s iconic remarks after his assassination.

According to the market data from Gate.io, the current price of the TRUMP token is $18.9. Gate.io became the first cryptocurrency trading platform to list the TRUMP token at 11:20 this morning, with an initial listing price of $4.1. As of the time of writing, the TRUMP token has risen by nearly 350% since its listing on Gate.io.

Token Distribution

TRUMP has a total supply of 1 billion tokens, with an initial circulation of 200 million tokens, and the rest will be gradually unlocked within 3 years. According to the official website, the founding company of TRUMP token will receive 80% of the tokens and will follow the unlocking plan. As of now, TRUMP’s market capitalization has exceeded $18.82 billion, just one step away from the $20 billion mark.

According to on-chain data, the largest holder of TRUMP token currently holds 80% of the holdings, most likely the official address. In addition, the top five TRUMP token holders are all transferred from Dev addresses, and the community believes that it is highly likely that the official controls these tokens. Currently, these five addresses collectively hold 86.6% of the tokens. This means that the circulating supply of TRUMP tokens in the market is less than 15%.

Future Outlook

The launch of the TRUMP coin has stimulated the market demand for SOL, and SOL has risen by more than 10% today, trading at $239. The TRUMP coin may become a new ‘traffic entrance’ on the Solana blockchain, attracting more users and funds to enter the Solana ecosystem. However, other meme coins on the Solana chain, such as WIF and PUNT, have generally fallen. In addition, other meme coins that were once considered TRUMP concepts have also experienced significant declines, such as MAGA on the Ethereum chain, which has fallen by over 45% in the past 24 hours, and the TRUMP coin of the same name has plummeted by over 50% intraday.

The launch and market performance of the TRUMP coin have attracted widespread attention, not only because of its close association with Trump’s personal brand and political image, but also because it represents the emerging trend of ‘politics + cryptocurrency’. The TRUMP coin is not just a cryptocurrency, but also a part of the Trump brand, representing a specific political and cultural symbol. As a type of Meme coin, the political symbols and influence behind the TRUMP coin may become its long-term support. If Trump continues to be active on social media and constantly promotes the coin, the TRUMP coin may evolve from a simple investment tool to a cultural symbol.