Initially, let me provide a concise backdrop. Donald Trump assumed office following an administration known for its strong opposition to cryptocurrencies under the leadership of Gary Gensler at the SEC. Simultaneously, members of Trump’s inner circle have made substantial profits through cryptocurrency investments. Over time, Trump has reaped personal benefits from some controversial NFT collections, which bear his brand and were launched by CIC Digital.
In the interim, the struggling cryptocurrency sector, yearning for regulatory ease, significantly backed Trump’s campaign financially, contributing more funds than most U.S. industries. The crypto community showed its support through various means, including financial donations and organized events like rallies. A grassroots movement called Stand With Crypto, initiated by Coinbase to bolster political backing for pro-crypto figures, also proved successful. Notably, the Trump family themselves became advocates of cryptocurrency, with Eric, Barron, and Don Jr involved in launching the Trump’s DeFi project, World Liberty.
As an analyst, I found it fitting to host a prestigious, exclusive crypto gala as a token of gratitude. This event, dubbed “The Black Tie Crypto Ball,” was nothing short of a resounding success, attracting the crème de la crème of the cryptocurrency realm. It was entertaining to witness the veterans of crypto, often seen in casual attire, dressed in formal black tie outfits. For instance, Sergey Nazarov, the fiercely independent mind behind Chainlink, graced us with his presence in a black tie ensemble, deviating from his usual plaid shirt style.
The Twist of the Knife
At the peak of this high-profile gathering, where crypto leaders and Trump’s closest associates convened together, Trump orchestrated a ruthless maneuver reminiscent of the Red Wedding scene from Game of Thrones.
He introduced the $TRUMP token, which soared to an astounding $15 billion valuation within moments, catching everyone off guard. Instead of being a symbol of unity and acceptance as intended, it became a brilliant move of deceit. Unbeknownst to the audience, Trump changed the narrative, revealing the fastest-ever memecoin worth $15 billion – without giving any prior warning. It was a cold demonstration of power, underscoring that the true game is one he controls.
Picture this bold move: At an event billed as the pinnacle of cryptocurrency, where participants felt like they were part of an exclusive club, Trump took a surprising turn by introducing the swiftest $15 billion meme coin – without inviting them along for the ride.
A Vulgar Display of Power
The gathering saw the presence of Snoop Dogg, Don Jr., Vivek Ramaswamy, Speaker Johnson, Michael Saylor, and top cryptocurrency executives – all coming together with a shared goal. However, Trump chose not to distribute any benefits. Instead, he asserted his authority, making it clear that his circle is currently the most influential in the crypto sphere.
In my analysis as an observer, this action conveyed a decisive statement: Trump seized control of the cryptocurrency discourse. Launching the $TRUMP token during the event served to sideline everyone else, making the crypto elite mere spectators. They could only witness his success story unfold in real time, with little power to influence the outcome.
The Bigger Picture
Concurrently, the Trumps are developing their own DeFi platform, World Liberty Financial, in the cryptocurrency market. By strategically placing themselves ahead of the competition, they’re creating an opportunity to control the industry and amass substantial earnings.
Trump manipulated the industry’s desire for innovation by using it against them. He held an extravagant event, promoted the idea of belonging, and simultaneously introduced a memecoin without their knowledge. Consequently, the industry is now under his control—whether they want it or not.
Trump Meme Coin Allocation
Initially, there were 200 million TRUMP coins in circulation, and this number will increase to a grand total of 1 billion TRUMP coins within a span of three years. The distribution for each group happens according to their individual release schedules over the course of those three years.
Is Trump a Hero or Villain?
Cryptocurrency finds itself at a critical juncture right now. The appeal of quick profits and temporary thrill is proving too strong for many, yet this situation also shows how effortlessly someone like Trump, a skilled charismatic con artist, could manipulate the industry for personal advantage.
There’s still time for Trump to make amends. A declaration of a Strategic Bitcoin Reserve could significantly demonstrate his grasp of the distinction between Bitcoin and a Trump-themed meme coin. This could be Trump’s moment of redemption in the eyes of Bitcoin enthusiasts.
Or if Trump reveals a U.S. Digital Reservation featuring Solana, XRP, and USDC, that could mark a significant turn of events in the altcoin sphere for him.
Chris Burniske took a more moderate approach when he discussed the controversial topic of Trump’s meme coin on X, stating that “The market for this coin is highly divided, and there’s a significant divergence in opinions. I personally have not purchased any, do not plan to buy any, and I feel uneasy knowing that his organizations allegedly own approximately 80% of the total supply.
In essence, this memecoin launch has been unprecedented in terms of publicity, soaring beyond $30 billion in market capitalization and grabbing attention everywhere. It might resemble Ethereum‘s “The DAO” incident from 2016, another hot topic that attracted widespread interest. After amassing approximately $150 million rapidly, I suspect it sparked the ICO boom of 2017.
As a researcher, I’ve discovered that witnessing the potential of an idea or action often sparks curiosity and experimentation within individuals. This concept, known as permissionless innovation, can be chaotic, even awkward at times, but it mirrors the dynamic nature of our society.
I strongly advise everyone to approach situations with an open mind, considering all angles and potential consequences, even when initial reactions may lean towards negativity.
As a researcher, I find myself in agreement with Jeff Dorman, CEO of Arca, a digital assets investment firm. In his words on topic X, he expresses optimism towards the TRUMP token, stating that it signals a new era for companies, municipalities, universities, and individual brands. According to him, cryptocurrency can now serve as a tool for capital formation and customer acquisition, implying that cities like New York, esteemed institutions such as Harvard, and prominent brands like Netflix could soon issue their own tokens.
We’ve moved past the “dot-crypto” era in blockchain technology. Currently, most applications of cryptocurrency are being developed by companies that specialize in this field. However, as we progress, a wide range of innovative ideas for utilizing tokens are expected to emerge from various sectors around the globe.
In my opinion, the primary advantage lies in traditional companies venturing into this field. Entities such as KKR, Apollo, Nike, Starbucks, Reddit, Trump (assuming he’s involved in a company), and others could potentially bring in far more users and digital wallets compared to the gradual growth seen among crypto-native companies. I strongly believe that every corporation, institution of higher learning, influential figure, and local government will eventually issue their own token.
As a result, numerous unproductive cryptocurrency projects and tokens may cease to exist, but the strongest ones will flourish with hordes of new investors, creators, and users. If you’re a financial broker, it’s time to propose innovative token concepts to your clients.
Currently, the quick market movement over the weekend may give the impression that cryptocurrency is merely a joke, with Solana’s joke tokens ($SOL) being the only profitable asset. However, this perspective is limited and primarily due to the reduced liquidity during weekends rather than an accurate reflection of the crypto market.
From my perspective as an analyst, the recent price fluctuations of the TRUMP token may appear to some as a reflection of a diminished trust in the credibility of the crypto market, given its association with a meme coin launched by a president. However, it’s essential not to underestimate Solana (SOL) in this context, as it seems to be emerging as a strong contender.
The skepticism towards the current state of the crypto market, with some predicting a peak, might seem extreme to some. Yet, it’s crucial to remember that Post-Traumatic Stress Disorder (PTSD) is a very real and potent force in this community, particularly among those who experienced the tumultuous events of 2022.
The future of crypto, in a supportive environment, may hold surprises and opportunities that we are yet to fully comprehend. It’s important to stay vigilant, informed, and open-minded as we navigate this dynamic landscape.
It took me three years following the year 2008 to fully commit to long-term equity investments again. The psychological scars left by bear markets shouldn’t be underestimated. Many crypto enthusiasts don’t seem to realize the extent of their own psychological damage from 2022. As a result, most are now adopting overly conservative approaches. They appear to have forgotten the skills necessary to generate substantial wealth.
To summarize, although I’m not particularly fond of meme coins or the TRUMP token personally, I am deeply interested in the potential applications of blockchain technology in the future. Notably, the President of the United States has recently given approval to all potential developments in this area.
Dogecoin Dips, Trump Coin Dominates, Solana Surges
In the end, let’s examine the events that unfolded in the crypto markets following the launch of the TRUMP coin. On Friday evening, unexpectedly, Donald Trump introduced the TRUMP token on the Solana blockchain. The coin swiftly garnered massive trading volume, propelling it into the ranks of the top 40 cryptocurrencies by market capitalization. As investors rushed to the new token, other meme coins saw a decline as Trump drained all the liquidity from altcoins.
On Friday evening, Dogecoin reached a one-month high of $0.43, but it started losing value following the announcement of the TRUMP token. As of Saturday, Dogecoin is trading at $0.397, which represents an 8% drop from its peak and a 3% decrease over the past 24 hours. However, despite this decline, Dogecoin has still gained 18% this week due to earlier increases. It’s important to note that some predict Dogecoin will reach $1 by 2025.
It appears that other popular meme coins, such as Shiba Inu (SHIB) and Pepe (PEPE), are following Dogecoin’s downward trend. Since Trump’s re-emergence in the market, both SHIB and PEPE have decreased by 6% and 5%, respectively, due to a shift in liquidity.
Meme coins built on the Solana network are performing well. Specifically, Bonk (BONK) and SPX6900 (SPX) have experienced minimal declines but have continued to post robust weekly gains. Meanwhile, Fartcoin (FARTCOIN) has surpassed expectations, hitting a new record high of $1.75 on Saturday, representing a 100% increase in value over the past week.
Solana Rides the Wave
Due to being the host for Trump’s token, Solana has experienced a significant increase, climbing approximately 10% over the past day to reach almost $244 – its highest point since November. The excitement surrounding TRUMP has also boosted the value of Solana’s decentralized exchange tokens. Tokens like Jupiter’s JUP have risen by 20%, while Raydium’s RAY has increased by 19%. However, other top coins have seen a decline, as Solana and Trump’s meme coin have absorbed almost all the liquidity in the market.
TRUMP Token’s Meteoric Rise
The TRUMP coin, currently valued at approximately $21, momentarily reached $24 earlier today, on Saturday. Its market capitalization now surpasses $27 billion, making it the 28th largest cryptocurrency. Since its launch, over $6.8 billion worth of this token has been traded, solidifying its position as a notable phenomenon in the crypto world.
Market Impact Ahead of Trump’s Inauguration
Experts believe that Donald Trump’s inauguration on Monday for his second term may not cause a substantial impact on the overall crypto market. This is because significant cryptocurrencies such as Bitcoin, Solana, and XRP have likely already factored in this news following his election victory. Regarding Trump’s meme coin, it’s challenging to predict its price for 2025 at this point since anything can change.
Yet, the sudden emergence of the authentic Trump-themed cryptocurrency has sparked curiosity within financial markets, notably among Solana supporters. The impending announcement from Trump regarding a Cryptocurrency Strategic Reserve could serve as the next significant factor driving market momentum.
Is it going to be just Bitcoin, or will there be an American Cryptocurrency Reserve encompassing Solana, XRP, and USDC coins? The decision could lead to market volatility, as not everyone may be content with the choice. Trump’s influence has already shifted the market significantly, even before he officially assumes office. Although it’s premature to label him as a villain or hero, it is apparent that Trump operates according to his unique set of rules. For now, he appears to hold all the cards.
The digital currency landscape and the concept of tokenizing various global assets like art, vehicles, concepts, and even memes are stepping into the spotlight. The questions remain: Is cryptocurrency mature enough for mainstream use? Will the world accommodate crypto enthusiasts potentially amassing enormous wealth? Over the following four years of the Trump administration, one can expect an unusual journey ahead.
Raoul Pal contends that the key point lies in the swiftness and ease with which capital can be amassed. He suggests that memes and ICOs served as a trial run, but the true transformation of capital markets is yet to unfold, promising a complete revolution.
Game on.
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2025-01-19 00:41