Trump Meme Coin Gains Rapid Traction, But Will Its Value Hold?

Benzinga

Donald Trump's companies set a new benchmark for cryptocurrency hype by releasing a celebrity meme coin ahead of his presidential inauguration. According to blockchain tax startup CoinLedger, over 7% of its sampled users traded this token within two days of its release, while just under 2% traded the "Melania Meme" token on its first day. The Trump organization's meme coin attracted 11 times more market engagement than Iggy Azalea's MOTHER token, one of 2024's biggest launches. CEO David Kemmerer stated that investors saw profit potential in the Official Trump token, which peaked above $73 but settled around $40 after the inauguration. Analysts monitor how the token's value holds up as more are released, which could lower its price due to increased supply.

Transcript

00:00It's Benzinga bringing Wall Street to Main Street.

00:02Donald Trump's company set a new benchmark for cryptocurrency hype with the release

00:05of a celebrity meme coin ahead of his presidential inauguration.

00:09According to blockchain tech startup CoinLedger,

00:12over 7% of its sampled users traded this token within two days of its release,

00:16while just under 2% traded the Melania meme token on its first day.

00:21The Trump organization's meme coin attracted 11 times more market engagement

00:25than Iggy Azalea's mother token, one of 2024's biggest launches.

00:29CEO David Kemmerer stated that investors saw profit potential in the official Trump token,

00:35which peaked at above $73, but has since settled around $40 after the inauguration.

00:40Analysts are monitoring how the token's value holds up as more are released,

00:44which could lower its price due to increased supply.

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