Kraken is the initial U.S. exchange to list Trump’s caricature coin. TRUMP’s value declined by 35% following a surge of more than 12,000% in the initial hours of trading.
Kraken has become the first significant US-based crypto exchange to list Official Trump (TRUMP), the Solana-based meme coin created by self-proclaimed “crypto president” Donald Trump.
The company’s official announcement indicates that trading for the controversial token commenced at 20:15 PM UTC on January 18. However, the token’s value experienced a 35% decline as it entered Kraken.
The coin honours Trump’s leadership and his campaign motto, “Fight, Fight, Fight.” It just came out a few hours ago, but sales have already gone up by over 120,000. TRUMP has now surpassed the retail phenomenon stock GameStop (GME), which was considered the most significant market frenzy of the 2020s and made history in 2021.
According to data from CoinMarketCap, TRUMP’s market capitalization soars to nearly $6 billion amid the initial market hysteria.
On January 17, Trump initiated the meme coin by publishing a post on Truth Social and X (formerly Twitter). Trump, in his characteristic manner, utilized the token as a rallying cry for his movement, announcing, “My NEW Official Trump Meme is HERE!” It is time to commemorate our unwavering commitment to success: “WINNING!”
TRUMP was characterized as a token for individuals who “refuse to buckle, regardless of the circumstances” on the official website of the coin. Additionally, the highly anticipated inauguration of Donald Trump is less than 48 hours away.
Fight Fight Fight LLC, a company that has pledged to release an additional 800 million TRUMP tokens over the next three years, is responsible for managing the token behind the scenes. At the time of the debut, the market received the initial tranche of 200 million coins.
The token also acquired popularity on decentralized exchanges (DEXs). Raydium, Orca, and Meteora are among the platforms that have listed TRUMP. MEXC, HTX, and CoinW are among the over ten exchanges that currently support TRUMP trading pairs.
However, this entire situation is merely Trump demonstrating his commitment to his words. He pledged to establish the United States as the “crypto capital of the world” during a Bitcoin conference in Nashville last summer.
Donald Jr. and Eric, his sons, established World Liberty Financial, a family-owned business that concentrates on decentralized and centralized finance (DeFi and CeFi; respectively). Eric has referred to TRUMP as “the trendiest digital meme on earth.”
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