Trump-Endorsed Solana Meme Coin Launches, Faces Market Hesitation

In Washington D.C., on January 17, 2025, Donald Trump announced the launch of a Solana-based meme coin, $TRUMP, at a crypto-focused dinner event amidst considerable publicity.

The launch saw an initial price surge, but quickly settled as market reactions turned lukewarm, reflecting concerns over its centralized nature and speculative value.

Trump Entities Control 80% of $TRUMP Coin Supply

President Trump and related entities introduced the $TRUMP meme coin on the Solana blockchain, promising exclusive event access for investors holding over $1 million. Nicholas Pinto, a social media influencer, was a notable attendee, underscoring the dinner’s blend of politics and crypto.

Despite the high-profile launch, Trump-affiliated entities reportedly control 80% of the supply, sparking discussions about transparency and governance. The coin’s initial price surge to $75.35 quickly dropped to around $14.28, indicating reduced market enthusiasm.

Centralized Control Worries Investors

The coin’s centralized control and speculative nature have unsettled investors. Forums and developer channels express concern over its financial potential, with critics predicting limited market longevity. The flop in post-dinner trading demonstrates typical meme coin volatility. Experts warn that combining political influence with meme coins poses regulatory challenges and ethical questions. With no direct impact on mainstream assets like ETH and BTC, the coin’s future remains uncertain, highlighting the risks of such speculative ventures.

“It’s a horrible look for him, the industry, and the country. No one really seems to care in the Trump administration.”
— Anonymous Crypto Industry Lobbyist, Crypto Industry Group (Fortune)

Historical Declines in Meme Coins Parallel $TRUMP’s Fall

The coin’s rapid price decline mirrors previous meme coin promotions lacking utility. Similar endeavors, such as Community Sentiment on Twitter, Developer Forum Contributors, have displayed temporary hype with sustained market disengagement.

Kanalcoin experts suggest the meme coin’s trajectory likely reflects speculative trends, emphasizing the industry’s need for robust utility-driven projects to ensure long-term viability and investor confidence.

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