Is Trump Launching a Crypto Token? Rumours About a Coming ‘Trump Coin’
Donald Trump has recently been in the headlines as the main hero following his assassination attempt during the rally. This incident significantly increased his popularity, and now everyone is sure he will be the next president of the United States.
Even until the incident, it was widely believed that Joe Biden had a slim chance against Trump. This was one of the main reasons for removing himself as a candidate to run in the 2024 elections.
The event featuring Tramp’s attempted assassination also impacted the crypto market. Almost instantly, Bitcoin’s price exceeded $60,000, and many traders effectively took advantage of that fact. However, this is not the main thing that revolves around Donald Trump. In the following article, we will look at the potential launch of the Trump token.
What is the Noise All About?
There are rumours that Donald Trump may be involved in launching a new cryptocurrency. It is supposedly called the Trump coin symbolized by DJT. This coin is likely to be registered on the Solana blockchain platform.
The speculations began following Trump’s increasing engagement with the cryptocurrency sector. He aims to shift his campaign focus towards tech-savvy and libertarian voters who favour digital currencies. While the 78-year-old was against crypto coins previously, his position seems to have changed.
When Did Everything Start?
The buzz around this so-called Trump crypto token began as his campaign started to accept donations in cryptocurrencies. However, Trump’s direct association with this specific token is unconfirmed.
According to different sources, Trump’s advisors and associates have discussed the potential of launching Trump’s cryptocurrency. If proven to be true, it could further increase the former president’s rating.
Another interesting point discussed regarding the potential of the crypto token was the supposed creation of Donald Trump’s blockchain. However, this process will be very difficult and take quite some time. Moreover, there is no reliable information regarding its launch.
DJT and Truth Social
DJT is also the stock symbol for Trump’s social media platform, Truth Social. This might contribute to the confusion or speculation about his involvement with the crypto token. The platform bolsters freedom of speech while aiming not to discriminate against anyone.
Furthermore, Trump has publicly advocated cryptocurrencies. This perfectly aligns with his current political stance to attract investment and support from the crypto community. He views the following as an essential thing for his elections.
Memes and Cartoons Associated With Trump Coin Rumors
Trump Coin is the latest among a few meme coins inspired by political figures in the US elections. Several other Trump-themed meme tokens circulate in the cryptocurrency market, such as one trading under the MAGA symbol, short for “Make America Great Again”. The symbol features a caricature of Trump and the American flag.
The “MAGA” coin, trading under the ticker TRUMP, is the most successful of these political meme coins. It is priced at just over $9 and boasts a market capitalization exceeding $400 million. The announcement of the Trump Coin news caused the token’s price to drop.
Additionally, a meme coin named TROG is symbolized by a cartoon frog donning a MAGA hat, trading with far less market capitalization at $7.38 million. No surprise, it also experienced a drop in value following the introduction of the Trump Coin.
Neither MAGA nor TROG coins are officially connected to Trump. Despite this, blockchain research from Arkham Intelligence suggests that Trump possesses a significant amount of these tokens.
Trump’s Cryptocurrency Portfolio
Trump’s net worth is reportedly around $6 billion. However, he also has a cryptocurrency portfolio valued at approximately $6 million. This portfolio includes earnings from his NFT collection and investments in MAGA and TROG coins.
Some experts believe that cryptocurrency users could influence the upcoming presidential election. Many of them consider themselves single-issue voters. It means they base their decisions on the candidate’s position about cryptocurrency.
In his campaign strategy, Trump is actively courting these crypto-focused voters, guided by advisers like Ramaswamy, an entrepreneur passionate about cryptocurrencies. He also provides counsel on digital asset policies.
Trump Is Also Determined to Overtake China
Recently, Donald Trump also expressed his support for the cryptocurrency industry. He mentioned that it is pivotal to lead the global world of crypto. China is the main foe of the US in that direction.
In the Bloomberg interview, Trump noted that disregarding the crypto industry could lead to China taking advantage of this area. He stressed the necessity of considering what benefits the country.
He also declared that cryptocurrencies are here to stay and revealed plans to release another series of NFTs due to popular demand. Trump has previously issued trading card-themed NFTs, offering buyers unique perks like his attire.
Despite its early stage, Trump described the U.S. crypto sector as having a solid foundation. Since May, his campaign has accepted donations in cryptocurrencies, amassing $3 million in the last quarter, as per the Wall Street Journal. He has also committed to advocating for bitcoin miners if he returns to the White House.
Prominent cryptocurrency advocates Gemini’s Tyler and Cameron Winklevoss, Ark Invest’s CEO Cathie Woods, and Kraken co-founder Jesse Powell, have supported or contributed to Trump’s campaign.
How Will Everything Work Out?
The US Presidential elections campaign has entered a decisive phase. As Joe Biden has stepped down, Kamala Harris will be the main candidate for the Democrats. However, the recent Trump incident has only strengthened Republicans’ positions.
Cryptocurrencies are the future. Launching a crypto token featuring Donald Trump seems legitimate and feasible. However, whether we will see this happening any time soon is still under question.
