$TRUMP Coin Takes the World By Storm
Will It Start the Mega Bull Run or End Crypto For Good?
Can you imagine investing $1M into a crypto project and watching it skyrocket to more than $120M in less than a day? Well it just happened and this seems to be only the start for crypto under Donald Trump.
A New Day for Crypto in America
Ever since Trump secured his return to the White House in November, crypto enthusiasts have waited impatiently for his term to begin as there seems to be a belief he will head the most pro-crypto administration in American history. Already the incoming President has signaled that he will:
Create a National Bitcoin Reserve
Replace Gary Gensler with a crypto-friendly leader in the SEC
Repeal SAB 121 to allow banks to custody Bitcoin
Eliminate capital gains taxes on crypto
Push adoption on American-made crypto projects
& much more!
Truly, there is a lot to be bullish about if you invest in digital currencies. However, the Trump team threw everyone for a loop last night with a surprise launch of the $TRUMP meme coin.
The Trump Pump is Real
The project seemingly came out of the blue when the announcement by Trump of the project had many wondering, even Elon Musk, if his account was hacked. However, it was not, and the coin surged from an opening of .18 cents to over $32 in less than 12 hours and a staggering marketcap of $26B+. That is more than a 150x return in mere hours, which certainly is eye-popping.
Overnight, fortunes were made by many savvy (or lucky) speculators who got in early, and of course, a huge spotlight was cast on the industry. The question is though, is this good or bad for crypto in general?
On a personal note, I’ll say straight up, I don’t invest in meme coins and did not purchase any $TRUMP. You can certainly make a lot of money if you trade in them, but I believe they are bad for the space as they have zero utility and usually end with a lot of people losing big while the lucky few who cash out at the right time score massive returns. Others though, enjoy participating in the mass hysteria of FOMO that can be fueled by both irrational decision-making and the dopamine hits of quick windfall gains. To each their own.
Is $TRUMP Coin Good For Crypto?
When it comes to this move though, many are speculating on the ramifications it may have with crypto moving forward.
On one hand, proponents feel that any new money that comes into crypto is a good thing that will help it continue to grow. As they say, a rising tide lifts all boats, and the more liquidity that enters the market due to this project can be a net positive if it starts to flow into other projects.
There is also the belief that having an administration that sees the value proposition and importance of crypto is going to make it a priority to see it flourish in the states. Trump has already given indications he will use his influence to assist American-made projects, and the fact $TRUMP was launched on Solana is a big deal for many.
Overall, many feel this is going to be the start of an epic bull run, which generally occurs every four years.
The Case Against $TRUMP
On the other hand, a sizable number of people are dismayed by what is happening here.
While new money is flowing into crypto, which can be good, at the same time liquidity is being sucked out of other projects at an alarming rate. As $TRUMP was starting its nuclear run, most altcoins saw dramatic losses, at the same time and are down quite a bit at this point. The bull run could still occur in this cycle, but may look a lot different than 2021 when there were fewer projects competing for investor dollars.
There is also the strong potential for $TRUMP to spectacularly tank. This could see many lose sizable positions and create negative sentiments about crypto in general, and turn people off for good. In effect, this could be the biggest rug pull of all-time which could be like a dagger to the heart for the industry in general.
Finally, a real question remains whether a President should be participating in these types of questionable launches. In many ways it screams “cash grab” and has a scammy feel and appearance, which to many Trump detractors is on brand for him. The fact that his team reportedly holds approximately 80% of the $TRUMP coin supply is eye-raising, as well.
So, a day into this craziness, I am on the fence about how this will ultimately affect crypto, at-large. One thing is for sure, it promises never to be dull.
Share Your Thoughts!
Did you buy $TRUMP Coin or have thoughts on meme coins, in general? Please share your thoughts on how you see things playing out for 2025.
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