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Trump’s Memecoin: A New Era in Crypto Regulation?
A Paradigm Shift in the US and Global Approach to Crypto
The introduction of President-elect Donald Trump’s TRUMP memecoin is a significant development in the way the U.S. and the rest of the world approaches crypto, according to a research report by Bernstein.
It signifies a new regulatory era, where governments see crypto as a technology to reach out to the masses directly, analysts led by Gautam Chhugani said in the report.
Trump’s Official Memecoin Debuts on Solana Blockchain
Trump’s official memecoin debuted on Saturday on the Solana blockchain, rising to a fully diluted market cap of about $73 billion, making it one of the most successful token launches ever. However, it tanked almost 40% on Sunday when his wife Melania launched her own memecoin, MELANIA.
A Signal to Crypto Builders in the U.S.
A token launch by the president-elect is a big signal to crypto builders in the U.S., especially given the crackdown on the industry by the Biden administration, Bernstein said.
It says “build away in the U.S., and don’t be shy of launching tokens – a new crypto regulatory era is here,” the authors wrote.
Utilization of TRUMP Token Supply
Still, the market may want more information on the utilization of the 80% of the TRUMP supply that is held by CIC Digital, an entity that is 100% owned by Donald Trump Revocable Trust.
A memecoin that capitalizes on Trump’s brand and politics has “potential longevity,” but will depend on the token design to “make it less extractive due to 80% insider supply,” the report added.
TRUMP Token Listing on Major Exchanges
The TRUMP token will be listed on major crypto exchanges including Coinbase and Binance, according to announcements from the companies.
Conclusion
The introduction of Trump’s memecoin marks a significant shift in the way governments approach crypto, recognizing its potential to reach the masses directly. The token’s success and the market’s response to it will be closely watched, and its implications for the crypto industry will be far-reaching. As the market awaits more information on the utilization of the TRUMP token supply, one thing is clear: a new era in crypto regulation has begun.
FAQs
Q: What is the significance of Trump’s memecoin?
A: It signifies a new regulatory era in the US and globally, where governments see crypto as a technology to reach out to the masses directly.
Q: What is the current market cap of the TRUMP memecoin?
A: The TRUMP memecoin has a fully diluted market cap of about $73 billion.
Q: Who owns 80% of the TRUMP token supply?
A: CIC Digital, an entity that is 100% owned by Donald Trump Revocable Trust, owns 80% of the TRUMP token supply.
Q: Will the TRUMP memecoin be listed on major exchanges?
A: Yes, the TRUMP token will be listed on major crypto exchanges including Coinbase and Binance.
