Hello!
This caught the market by surprise. The next president of the United States, Donald Trump launched a memecoin with the ticker $TRUMP in the Solana Blockchain.
They made the announcement while the Europeans where sleeping, so I don't think any of us had the chance to buy at the start. Well, I wouldn't have bought it anyway...
The $TRUMP token is currently trading at $28 and it has a marketcap of 5.8 billions. Holy shit! It's in the 28th position in coinmarketcap.
I don't like that Trump is doing this bullshit. The supply of the token is 90% for insiders, 10% for the public sale. The worst tokenomics ever. I would position myself short if we weren't at the bull market phase.
I just hope that this doesn't blow up and gives bad credit to Bitcoin. Don't be distracted by this memecoins. At least, that's my advice. Buy projects with strong fundamentals and strong tokenomics, or just choose to be a Bitcoin maximalist and buy obly Bitcoin. But please, don't fall for this bullshit.
The good part is that maybe this serves as a precedent to know that the SEC will change his tone regarding crypto projects and is going to be more in the good side of history and allow ceypto companies to keep pushing forward the future of finance.
Have a great day!
Posted Using INLEO
I also don't like the idea of this meme coin launched by Trump, but sitting 28th means some people are throwing in serious money probably with the hope of making profit for themselves.
It can end very bad, just be safe @josediccus !
Absolutely. Makes you wonder how awesome it will be if the billions going into crap memcoins/rugpulls ever find their way into decent projects. Let's see what the next months will bring!
100%!
At some point we are going to have the bull market we deserve!
Hope so! :)
I am one of those who think like you and it is better to follow your advice and focus on projects with solid foundations. And if not, be a Bitcoin maximalist and that's it. It's not worth falling into those traps.
Looks like I missed some "action" today. Seems to me like many people will get rekt on this one.