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TRUMP Memecoin Disrupts the Crypto Market — Enters Top 20 Biggest Cryptocurrencies

Published
Valdrin Tahiri
Published
By Valdrin Tahiri
Edited by Ryan James

Key Takeaways

  • Donald Trump launched his official memecoin on Jan. 18.
  • The memecoin is one of the top 20 largest cryptocurrencies.
  • How long can TRUMP maintain its positive momentum?

U.S. President Donald Trump has been generating headlines during its inauguration day. Two days earlier, he launched a wildly successful memecoin, making him $50 billion richer.

Even though its price tanked over 40% since the all-time high, the memecoin still ranks as the 18th biggest cryptocurrency.

With that in mind, let’s analyze some factors relating to its launch and supply and then analyze the price action to determine where TRUMP will be heading.

Trump Memecoin Launch

On Jan. 18, Donald Trump announced  the official launch of his memecoin TRUMP. The memecoin has been immensely successful, reaching a $11 billion market capitalization and ranking as the #18th largest cryptocurrency.

The community is not entirely happy with the launch, alleging that insiders hold 80%  of the TRUMP supply. Some have taken to X  to apologize to previous Securities And Exchange Commission (SEC) Chair Gary Gensler, noting that he was right all along.

On-chain data  shows that the largest account owns 80% of the total supply, and that is tagged as a Donald Trump account.  Only 10% of the total supply is in circulation, with the rest to be unlocked over three years.

TRUMP Holders
TRUMP Token Holders | Credit: Dune 

Both Binance and Coinbase  announced the listing of the TRUMP memecoin. According to Moonshot data, Trump has onboarded  over 161,000 people with the memecoin launch.

The second token that has onboarded the most people in Moonshot is USDC, at 41,221. So, TRUMP has already  onboarded more than four times as many people in only one weekend. The launch has been absurdly profitable for Moonshot, which has gained over $5 million in fees  alone.

According to data from Dune, several traders who bought in early have made over eight figures in profit , the largest being $49 million.

What’s Next for TRUMP?

The TRUMP price increased rapidly shortly after its launch on Jan. 18, culminating with a new all-time high of $79.34 the next day, after a 50% decline that coincided with the launch of MELANIA , the memecoin of First Lady Melania Trump.

Even though the price initially bounced, confirming an ascending parallel channel, it failed to break out from it. Rather, it validated the $61 area as resistance (black icons), coinciding with the channel’s resistance trend line.

So, the trend cannot be considered bullish until the TRUMP price breaks out.

TRUMP Channel
TRUMP/USDT Hourly Chart | Credit: Valdrin Tahiri/TradingView 

On the other hand, a breakdown from the channel will likely mean the upward movement is over, triggering a downward movement toward the $25 support region.

Successful Memecoin Launch

The TRUMP memecoin launch was immensely successful. Despite its decline following the launch of MELANIA and the concerns about supply centralization, the memecoin has reached the top 20 largest cryptocurrencies.

The future trend’s direction depends on the $61 resistance region.

Disclaimer: The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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Valdrin Tahiri

Valdrin discovered cryptocurrencies while getting his MSc in Financial Markets from the Barcelona School of Economics in 2017. He has been an avid investor and trader since. Valdrin has written for several cryptocurrency media companies such as BeInCrypto and CoinGape.
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