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Only days away from his inauguration, President-elect Donald Trump`s social media channels have introduced what seems to be an official Solana meme coin named TRUMP. Promoted as an “Official Trump Meme Coin,” this new token hit a market capitalization of $9 billion within just three hours after its release. Donald Trump Introduces a Fresh Meme Coin Just days before stepping into office for a second time, President-elect Donald Trump has unveiled a new meme coin on Solana via his Truth Social and X accounts. This meme coin quickly shot to a $9 billion market cap soon after its launch, overtaking popular meme coins such as PEPE and BONK. Eager crypto enthusiasts rushed to purchase the coin, resulting in millions of dollars in trading volume. Concurrently, on-chain analysts and security experts began scrutinizing the coin for any warning signs. Trump shared the news on his social media, proclaiming, “My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR $TRUMP NOW.” Widespread Doubts While the TRUMP meme coin`s launch sparked excitement among Trump`s supporters and the crypto community, it also faced a great deal of skepticism. On-chain investigators were wary, given the project and its rollout showed signs typical of celebrity meme coin scams seen over the past year, often involving hacked social media accounts to push pump-and-dump schemes. Opinions within the crypto industry were divided over whether Trump himself was behind the posts or if his accounts had been compromised. BecauseBitcoin founder and CEO Max Schwartman commented, “I’m so confused by this. $TRUMP is sitting at a 3B market cap. This must be a hack, right? No way he just launched his own memecoin. If it’s a hack, this will severely mute Trump`s bullishness on crypto right as he takes office (bearish). If it’s not a hack then the next president of the United States just launched a shitcoin & things are about to get absolutely out of control this quarter (bullish maybe).” Signs Point to a Legitimate Launch Nonetheless, the project appears to be legitimate and is linked to the same company that released Trump’s collectible NFT trading cards, CIC Digital LLC. This firm is owned by the Donald J. Trump Revocable Trust. It is also the entity through which Trump entered a licensing agreement for his branded NFTs. The project`s website mentions, “CIC Digital LLC and Celebration Cards LLC, the owners of Fight Fight Fight LLC, will receive trading revenue derived from trading activities of Trump Meme Cards.” The website refers to the meme coins as “Trump Memes,” clarifying that the tokens are not meant to serve as an investment opportunity, contract, or security of any kind. According to the site, there are 200 million TRUMP tokens in circulation, with plans to expand this supply to 1 billion over three years. The distribution breakdown indicates that creators and CIC Digital will receive 80% of the tokens over a three-year phased unlock, with 10% designated for public distribution and another 10% set aside for liquidity. “Creators and CIC Digital are set to receive 80% of the token over three years of tranched unlocks, with 10% allocated for Public Distribution and a final 10% set aside for Liquidity.” Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of BitMaden. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.
NFTs Endure One of Their Weakest Years Since 2020 in Trading and Sales
The non-fungible token (NFT) market appears to have lost out on significant gains in the past year despite a broader rally in the digital asset industry. In fact, the NFT market faced its weakest performance since 2020 in the year 2024. NFTs Face Major Setbacks in 2024 According to DappRadar’s latest edition of ‘Dapp Industry Report,’ despite an initial boost in trading volumes, reaching $5.3 billion in the first quarter, the NFT market struggled to maintain this momentum. By the third quarter, volumes had dropped dramatically to $1.5 billion, though there was a partial recovery to $2.6 billion in the fourth quarter. This volatility was accompanied by a decline in sales numbers compared to 2023, suggesting that NFTs were sold at higher prices, likely due to rising token values like ETH. Overall, the year ended with a 19% reduction in trading volume and an 18% decrease in sales. “NFTs had one of their weakest years since 2020 in both trading volume and sales count. Perhaps 2024 helped us realize that NFTs don’t need to be expensive to prove their importance in the broader Web3 ecosystem.” Interestingly, the gaming sector has emerged as the dominant force in NFT sales, as indicated by the leading collections in terms of sales count. This trend highlighted the growing integration of NFTs in the gaming industry, where they facilitate true ownership of digital assets and promote player-driven economies. Blur vs OpenSea Blur held its position as the leading NFT marketplace for most of 2024, except during the third quarter. By the fourth quarter, Blur and OpenSea were closely matched in market share. Blur’s rise was fueled by its strategic airdrop campaigns and a zero-fee trading policy that attracted cost-sensitive traders. OpenSea, however, had a challenging year. The US Securities and Exchange Commission (SEC) issued a Wells Notice to OpenSea in August 2024, raising concerns about unregistered securities. This regulatory pressure, coupled with a declining market and intense competition, prompted OpenSea to announce significant layoffs in November, reducing its workforce by 56%. The company is now focusing on “OpenSea 2.0” to regain its competitive edge, with indications of a potential token launch. Meanwhile, Magic Eden outpaced OpenSea in performance. Initially a Solana-focused platform, Magic Eden expanded to support Ethereum, Polygon, Bitcoin, and newer networks like Base and Arbitrum. On December 10, 2024, Magic Eden launched its ME token and conducted a $700 million airdrop to strengthen its ecosystem. The post NFTs Endure One of Their Weakest Years Since 2020 in Trading and Sales appeared first on CryptoPotato . Bitzo
Bitcoin ETFs Near $1 Billion in Single-Day Inflows
Friday’s trading session delivered a substantial influx of $979.22 million into 10 of the 12 spot bitcoin exchange-traded funds (ETFs), while spot ethereum ETFs accrued $23.87 million, reinforcing a pronounced shift in institutional engagement with digital assets. Friday’s Crypto ETF Frenzy In the bitcoin ETF domain, Blackrock’s IBIT emerged as the dominant recipient, attracting $375.92 Bitzo
