$Trump Coin: Is Donald Trump’s meme coin a crypto gimmick or a hidden gem?

US President-elect Donald Trump announced his cryptocurrency “$TRUMP” on Saturday, January 18, ahead of his appointment as the 47th President of the United States of America on Monday, January 20.

“The new official Trump meme is here! It’s time to celebrate everything we stand for: winning! Join the very special Trump community. Get your own Trump now. Go to http://gettrumpmemes.com – have a good time!” he said Donald Trump In his social media post on platform X.

This coin meme is SolanaIt made a stellar debut on the cryptocurrency market and rose more than 300 percent on the first day, surpassing a market cap of $6 billion, according to Mint Previous reports.

Trump coin’s track record

The Trump meme currency has gained more than 230 percent in the past 24 hours, as the cryptocurrency’s market cap crossed the $14.3 billion mark on Sunday, January 19, according to data collected from CoinMarketCap.

Trading volumes for $TRUMP token have risen by more than 330 percent, currently at just over $18 billion, as of 5:02 pm (IST). According to the official website, there are 200 million Trump coins in circulation and it is expected to grow to a total of 1 billion Trump coins over the next three years.

Trump Coin reached its record high again on January 19 at $72.70. The coin is currently trading at $72.71 as of 5:04 PM (IST).

The motivation behind launching $TRUMP?

According to the official website, the $1 Trump coin represents the celebrations of Trump’s return to the White House as the leader looks forward to the inauguration on January 20.

The site also stated that Trump meme The coins are meant to symbolize as an expression of support for the incoming Trump administration. People have raised doubts about the legitimacy of the cryptocurrency, but the official website and Trump himself have supported the coin as the “Official Trump Meme, by President Donald J. Trump.”

“Trump memes are intended as an expression of support for and reaction to the ideals and beliefs embodied by the symbol “$TRUMP” and associated artwork, and are not intended to be or be the subject of an investment opportunity, investment contract, or guarantee of any kind. GetTrumpMemes. com is not political and has no affiliation with any political campaign or any political office or government agency,” according to the website’s statements.

These coins are tracked on Solana Blockchain, and the site officially claims that this cryptocurrency is not associated with any political campaign, office or government agency.

In the crypto market, investors have always raised a major interest in the legality and authenticity of digital assets or NFTs. This move from Trump comes as one of the first moves by an incoming president to support the meme coin.

So far, meme coin has given investors amazing returns, but given the general volatility of the cryptocurrency market, investments should be made after careful consideration, caution and sound financial advice.

Disclaimer: The opinions and recommendations above are those of individual analysts or brokerage firms, and not those of Mint. We advise investors to consult certified experts before making any investment decisions.