TRUMP Meme Coin has seen a staggering 950% surge in just two months, topping $2 last Wednesday.
The TRUMP token has emerged as a prominent player, according to recent data from CoinMarketCap.
This coin was trading at 19 cents in November 2023, and since then it has attracted the attention of cryptocurrency enthusiasts and investors alike.
Currently priced at $2.00, this digital asset has seen a staggering 47% increase in just 24 hours, illustrating its dynamic ability to generate rapid change.
But what really steals the scene is its tremendous performance over time: a spectacular 204% gain in the last week and an extraordinary 390% increase in the last month.
Although the issuance of TRUMP tokens is not directly linked to former US President Donald Trump, some are using these tokens as a speculative bet in his current presidential campaign.
Issued in August 2023, the developers initially sent $7,100 in TRUMP to Trump’s wallet between August and October 2023 as part of a marketing strategy to attract the attention of followers and encourage purchasing interest.
Prices remained stable for months after the broadcast, until Trump’s recent primary victories catapulted him back into contention in the 2024 presidential election.
These unexpected events have led to a wave of speculation surrounding the TRUMP Meme Coin
Crypto-enthusiasts, like Erik Stevens, have reported notable profits, such as his $275,000 investment in TRUMP tokens reaching $4.5 million in less than nine days.
Blockchain analysis firm Arkham Intelligence has confirmed this price increase, tracing the evolution from a cryptocurrency wallet labeled with Donald Trump’s name.
The wallet, which initially received only a few thousand dollars in TRUMP meme tokens as part of the marketing strategy, is now worth over $1 million.
Among the wallet’s assets were $750,000 in Ether (ETH) and $750,000 in Wrapped Ether (WETH), along with small amounts of other tokens, likely sent without the owner’s knowledge.
Despite the successes, it is relevant to note that the wallet peaked in December, surpassing $4 million, before $2.5 million in Ether was transferred to the cryptocurrency exchange platform Coinbase.
This transfer coincided with reports of difficulties in Trump’s NFT business.
Although there are several Trump-themed meme tokens on the market, the TRUMP Meme Coin has stood out by overcoming obstacles and gaining relevance in a notable way.
The TRUMP token has a current market cap of $91.5 million, ranking #2322 according to CoinMarketCap data at the time of writing.
This relatively low position in the ranking and the moderate market cap suggest a susceptibility to volatile movements.
Given the lower capitalized nature of the market, the TRUMP token is likely to undergo significant changes relatively easily.
It is crucial to take this factor into account when considering trading this asset, as the volatility associated with low market caps can generate abrupt price movements.
Investors should exercise caution and conduct thorough analysis before engaging in asset transactions of this type to mitigate potential risks.