Trump coin split 10 times from top

Trump's official Memecoin has dropped sharply to only $7.5/coin. Photo: Reuters .

According to data from CoinMarketCap , TRUMP is currently trading around $7.5 , with a market capitalization of about $1.5 billion . Compared to the peak of $75 /coin in January, the above token has decreased by 90%, dividing the value 10 times. While Bitcoin and many other cryptocurrencies have turned to increase in price thanks to positive information from the macro economy , the project represented by the US president has had negative price developments.

In January, just days before his second inauguration, President Donald Trump announced his own memecoin. The cryptocurrency is built on the Solana blockchain, a rising blockchain for NFTs and meme projects. On its website, it is presented as a form of support for Trump’s symbolism. At the same time, the developer denies that it is an investment opportunity or a security.

TRUMP coin price evolution since launch. Photo: CoinMarketCap.

Launched at the same time, the Melania token, represented by the US president's wife, is now down 97%, trading around $0.40 . Both Trump memecoin projects are backed by World Liberty Financial, a US-based cryptocurrency company.

According to the project website, members of Mr. Trump's family participate as representatives and advisors.

According to Bloomberg calculations based on public data, the company has made a profit on paper of up to $1 billion to date. Specifically, a company affiliated with the Trump family received 75% of the net revenue from the sale of the memecoin token. The Trump family owns 60% of the shares in World Liberty Financial through the company DT Marks Defi. The estimated amount they raised in the sale is about $550 million .

The Trump family’s launch of memecoin has received mixed reactions. Experts say it negatively impacts the process of legalizing digital assets. The project is also considered to be opaque and susceptible to manipulation. Two entities linked to the US president’s family, CIC Digital and Fight Fight Fight LLC, hold up to 80% of the supply, which will be unlocked within 3 years.

Recently, World Liberty Financial also announced plans to launch a USD-backed stablecoin, called USD1.

Source: https://znews.vn/coin-ong-trump-chia-10-lan-tu-dinh-post1546891.html