The crypto industry has high hopes that United States President-elect Donald Trump will bolster crypto adoption both in the US and globally. However, only time will tell if his newly launched Solana-based memecoin is a step in the right direction.
Trump’s memecoin, Official Trump (TRUMP), launched on Jan. 17 and has skyrocketed by 10,643%, reaching $27.50 at the time of publication, according to data from the memecoin trading platform Moonshot.
Trump’s memecoin onboarded new users to crypto
It comes just days before Trump is set to be inaugurated as the US president on Jan. 20, with speculation he may even designate crypto as a national priority on his first day in office.
Source: Moonshot
Crypto exchange Swyftx lead analyst Pav Hundal told Cointelegraph that the strong reception of the TRUMP memecoin so far is a good sign, giving the industry a glimpse of what might come during the next four years of the presidential term.
“No-one wants to hear from the bears right now. Trump 2.0 is already a sugar rush and he hasn’t even started his Presidency yet,” Hundal said. He added:
“Solana has just obliterated its previous 24hr decentralised exchange volumes off the back of a Trump meme coin. It’s astonishing.”
The memecoin launch triggered a rally in Solana’s (SOL) native token, pushing it to an all-time high of $270.
Although TRUMP has shown how high and quickly demand for crypto can surge, Hundal said that the “true value” of Trump’s presidency will depend on the “long-term environment it creates.”
“Here we are on the verge of sensible regulation,” he said.
Meanwhile, others say while the TRUMP token has attracted many new users to crypto, it could harm the industry in the long run.
It comes after initial doubts when the token was first announced on Trump’s social media, with some wondering if his account had been hacked.
Scott Melker, aka “The Wolf of All Streets,” said in a Jan. 18 X post that Trump’s memecoin is a significant benefit for crypto but “bad for humanity.” Melker added:
“Donald Trump is likely onboarding millions of new people to the space.”
Moonshot, the platform…
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