Among the wide range of positive news coming out of the crypto community, with Donald Trump set to take the presidential seat on January 20, one development that has the community particularly excited is the launch of the TRUMP coin.
Donald J. Trump officially tweeted about this token through his official account and since its launch, the price of the token has increased by more than 8000%. Is this new TRUMP Solana meme coin the best cryptocurrency to buy now?
What is Trump?
TRUMP is the latest in the long line of Trump-themed meme coins. However, the difference is that this meme coin has been officially released by Donald Trump himself. Developed on the Solana blockchain, this is the only official TRUMP meme coin and will give users access to the Trump community.
The release of this meme coin marks the upcoming inauguration of Donald Trump as President of the United States. However, the official website also reveals that the theme of this token is also to commemorate the attempted assassination of President Trump on July 13, 2024.
With this token, the official website says that users own a piece of history and join the community of patriots.
TRUMP price action has been extremely positive and people are coming in droves to invest in this crypto. The meme coin has crossed the market capitalization of $4 billion within hours of its launch and is currently trading around the $24 level.
A look at TRUMP tokenomics
200 million TRUMP tokens are available at launch and will grow to 1 billion tokens over the next three years. Every time tokens are released, allocations will be revealed. In terms of use cases, the official website has not highlighted anything.
However, it is clear that this token has been designed more as a social movement and less as an instrument to generate profits.
Is TRUMP a good investment?
The timing of TRUMP’s release makes it a suitable investment for many reasons.
First of all, this launch comes shortly after Trump’s plans to create strategic reserves for tokens created on US soil, such as Solana and USDC. So, at least in the short term, this news will boost its growth.
However, in the long term, investors should closely monitor new use cases that develop across the TRUMP ecosystem. The launch of these tokens over the next three years will also reveal allocations, meaning more tangibles may be coming to their ecosystem. This could also make TRUMP a suitable long-term investment.
Additionally, TRUMP is part of the Solana ecosystem, meaning he has the Solana meme coin metanarrative going for him, which could further increase his value. It is possible that TRUMP could create another meme coin mania and become one of the biggest meme coins on the market. That being said, the market remains volatile and not much can be said about the future of TRUMP as the token has just launched.
Furthermore, although TRUMP is up over 10,000% within hours of its launch, it is clear that the token is highly overvalued. Therefore, investors should further diversify their investments by choosing other meme coins as well.
However, not all is well with this cryptocurrency. Critics have recently pointed out through bubble maps that 80% of the total supply is held in a wallet.
However, not all is well with this cryptocurrency. Critics have pointed Through bubble maps it is discovered that 80% of the total supply is held in a wallet, indicating the possibility of a pull.
While this might be a cause of concern for many, some who have commented on this issue have also pointed out that the tokens are locked for 36 months.
New Meme coin alternatives to invest
The following two meme coins can be considered suitable options to buy alongside TRUMP tokens, especially since TRUMP is already one of the top four meme coins by market cap.
solaxy
While TRUMP takes advantage of the popularity of Solana and Trump, solaxy It is generating buzz throughout the cryptocurrency space through its simple usefulness.
Designed to provide a Layer 2 solution to the Solana blockchain, Solaxy aims to make the existing Solana chain more versatile. It aims to improve Solana’s efficiency by enabling off-chain transactions, ensuring no more downtime and improved scalability is achieved.
However, Solaxy’s recent popularity among the best meme coin pre-sellers on the “best cryptocurrencies to buy now” list is also due to its Pepe Einstein meme, which has introduced a unique and fun factor to the ecosystem. With over $11 million raised so far, Solaxy can potentially become another explosive asset once the pre-sale concludes.
For more details, please visit the official website.
meme index
Since diversification is key to generating profits from the meme coin economy, meme coin indices have started to gain traction. However, in their current centralized form, they have proven to be suboptimal. That’s why Meme Index offers a different solution. Portrayed as the world’s first decentralized meme coin index, meme index is a robust cryptocurrency project that features community-run indices.
Investors who hold the ecosystem’s main token, MEMEX, can participate in the Meme Index DAO. They can vote to decide which coins to add or remove from the indices. This new approach to index rebalancing is another reason why this token has been added to many “best cryptocurrencies to buy” lists, including those from publications like Blockchain News.
Meme Index also gives users access to four indices for different types of volatility. These range from the Meme Titan index, with tokens that are relatively stable in terms of price action, to the Meme Frenzy index, which features assets that could disappear the day after being active. This inclusive approach has allowed Meme Index to raise over $2.5 million to date.
The project also caught the attention of leading experts such as Michael Wrubel.
This project is a suitable choice for those looking for meme coins with a utility-focused twist.
