Donald Trump, the soon to become president of the US, has recently announced the launch of his personal meme token, TRUMP, on his Truth Social account. To obtain the token, interested people can go to a website called ‘gettrumpmemes’. The crypto fans are excited by this new development ahead of the U.S. president Trump’s inauguration day.

$TRUMP Token Hits $1.2 Billion Market Cap in 30 Minutes

Trump popularity in the world of crypto gained the token’s attention quickly. According to GMGN data, TRUMP’s market capitalization hit $1.2 billion within 30 minutes of its release. Due to this rapid growth, crypto fans are becoming very interested in it.

Though it has been successful, there are concerns over the distribution of the tokens. According to reports, a single address owns 80% of the TRUMP tokens. Furthermore, the total supply is controlled by the top five holders over 90%. This call inevitably leads one to doubt the fairness of the token’s distribution. On the other hand, there is also a viable opportunity for smaller investors to profit.

TRUMP Token Launch Sparks Excitement and Skepticism

There was some excitement and some skepticism around the launch. Like many celebrity-backed meme coins of the past, many feared it would be another pump and dump scheme. Many of these projects involve hijacking social media accounts to hype the value up and then it goes to zero value. However, when Trump’s official account on X (formerly Twitter) shared the news, some concerns were eased.

But experts still advise caution to investors. The token had a rapid market cap rise, but if the token is kept highly concentrated, volatility on the market can result. It’s still an evolving situation, and the token still has plenty of work to do in the long term.

Finally, the launch of TRUMP has grabbed lots of attention and in less than 30 minutes TRUMP brought to market worth $1.2 billion. But users should proceed with caution because of the attendant security risks and the concentration of token ownership. Only time will tell if TRUMP will continue to flourish in the competitive cryptocurrency market or not.