President-elect Donald Trump will return to the White House today following his inauguration and he brings with him a new crypto. OFFICIAL TRUMP is the name of the crypto token launched by the incoming President on Friday and it trades under the TRUMP ticker. This was launched alongside a token created by Trump’s wife, Melania.
TRUMP quickly caught crypto traders’ interest, sending the token’s value soaring over the weekend. The token is up 687.31% since its release and trades for roughly $51.26 as of this writing. That gives it a market cap of $10.25 billion, making it the 19th largest cryptocurrency by that standard.
Not All Is Good for TRUMP
However, investors will note that TRUMP has been volatile since its release. While the token soared over the weekend, it’s losing some of that steam today. That has it down 19.72% over the past 24-hour period. This isn’t a good look for the token as there’s still plenty of hype around Trump ahead of his inauguration today.
Trump’s decision to launch a crypto before taking the White House is interesting. The President-elect has made it no secret that he plans to support the crypto industry once he’s in office. This has raised some concerns about the ethics of launching the meme tokens right before he becomes President. However, Trump has signed an agreement stating he won’t be involved in the day-to-day operations of the Trump Organization.
Should Investors Buy TRUMP?
There’s no doubt that TRUMP is a potential investment opportunity, even if the Trump Organization claims the tokens are only meant as a sign of supporting the incoming President. Trump plans to bring a crypto-friendly administration that could benefit the token and crypto markets. However, the volatile nature of TRUMP after its launch means it might only be fit for the most adventurous or loyal crypto enthusiasts.
Instead, Bitcoin (BTC) is the safer bet as the leading crypto will likely benefit from Trump’s presidency. The sentiment toward BTC is bullish with signs that the token could experience massive gains over the next four years.
