The ‘official’ memecoin of the second Donald Trump administration shall be listed on main cryptocurrency exchanges together with Coinbase and Binance, in accordance with bulletins from the businesses.
Coinbase posted on Sunday that it plans to checklist the TRUMP token. The announcement got here through its Coinbase Belongings X account, which supplies info on new property, nonetheless the trade didn’t present a concrete timeline for itemizing.
Binance mentioned it plans to open buying and selling for the TRUMP token on the the morning of Jan. 19. The token is already buying and selling on many different centralized exchanges, comparable to Bitget, KuCoin and Kraken in accordance with CoinGecko.
On-chain knowledge exhibits that the token has a market cap of simply over $7.6 billion, and buying and selling quantity of roughly $15 billion.
Whereas lots of the largest crypto exchanges have eagerly embraced Trump’s official memecoin, the primary Trump-themed token, one of many authentic Political Finance (PoliFi) tokens, had bother getting listed on exchanges.
As CoinDesk reported earlier this yr, ByBit and OKX rejected the staff’s utility to checklist the token given issues concerning the venture being too political. Kraken didn’t reply to their utility to checklist, and wouldn’t talk about the matter on the document.
The primary Trump token, the Ethereum-based MAGA, is down 84% from its June excessive of $17.80, in accordance with CoinGecko, however continues to be actively traded.
MAGA dumped laborious after the launch of the officialTrump token, falling from $3.50 to $1.44 over the weekend with its market cap declining from $158 million to $64 million. The token has slowly recovered after the preliminary fall possible as a result of normal curiosity in Trump-themed tokens on the eve of the inauguration.
The tokenomics of TRUMP have been criticized by many on-line, who’ve identified that 80% of the token provide is managed by wallets owned by CIC Digital.
$TRUMP made memecoins worse than VC-backed cash by a large margin.
The Donald Trump Revocable Belief owns 100% of CIC Digital, which has been allotted 80% of the provision of the brand new memecoin launched by @actualDonaldTrump.
The identical firm was additionally behind Donald Trump NFTs. pic.twitter.com/RI2Y2wgy8W
— hitesh.eth (@hmalviya9) January 18, 2025
CIC Digital LLC is the Trump Group affiliated agency that launched Trump Non Fungible Tokens (NFTs) in 2023. Knowledge from OpenSea exhibits that there’s a second wave of curiosity in these NFTs with over 2,800 gross sales within the final 24 hours value over 765 ETH ($2.5 million).
