Memecoins have a notoriety in the crypto industry, particularly if they are connected or from renowned personalities, and the latest from the President of the United States himself, $TRUMP, is now believed to be just like any other altcoins. During its launch, some early investors jumped the opportunity to purchase Trump's memecoins within minutes since it was announced, and those purchases had already cashed out.
$TRUMP Memecoin Controversy: Were Early Investors Tipped Off?
A report by WIRED pondered on the release of the $TRUMP memecoin last January 18, particularly as it was a blowout that immediately climbed to humongous figures, including an excess of $14 billion in market cap during its peak a day. However, there are suspicious figures who have made a surprisingly quick move towards investing in the memecoin said the report.
A crypto trader—whose wallet address ends in 'J9tXv'—immediately jumped the gun and purchased $1.1. million worth of the memecoin after around two minutes of its announcement. Another invested $500,00, with two traders purchasing $250,000 worth of the memecoin, and one with $50,000 within minutes.
CryptoForensic Investigators' CEO, Paul Sibenik, claimed that these investors were fairly quick to purchase, and he speculated that they had "forewarning" or a tip that significantly paid off. That being said, there is also a possibility that this was only due to 'blind luck' according to WIRED, as many are keeping tabs on the market's latest ventures.
Read Also: Trump's First Crypto Policy Leads to a Steadier Market With Bitcoin Climbing to $109,000 ATH
Should You Purchase $TRUMP Memecoins and HODL It?
That being said, all of these four early investors have already dumped their coins by first moving them to other wallets and later selling them, and most are already sold, earning tens of millions in the process. During its peak, $TRUMP reached almost a selling price of $73 apiece, according to CoinGecko, but since it died down, it is now at $24.
Its price and market cap lost almost two-thirds of their peak value after two weeks, and as always, investors who are looking to purchase cryptocurrency, including the Trump memecoin, are advised to invest at their own risk.
Donald Trump and His Cryptocurrency Plans
Donald J. Trump is now the most popular figure in recent news because of his significant win in the US national elections last November, his massive changes to the country's politics, and his newfound campaign with the cryptocurrency industry. Back in July 2024, Trump shared one of the biggest news in his career which helped shape his now future, and that is focusing on prioritizing cryptocurrency during his second term.
Some of the promises Trump made were to make the United States the 'crypto capital in the world' and make Bitcoin a 'superpower,' and on both ends, the President has delivered as he is one of the top reasons why the industry rallied.Even before 2024 ended and Trump's inauguration, Bitcoin already soared by over 140 percent and achieved new all-time highs, with the rest of the industry following it.
And while its volatile nature is still a thing, one of the earliest works by Trump in his presidency was to sign his first crypto policy which designated a working group to create regulations for the industry. Amidst all of these, Trump launched his memecoin, $TRUMP, for the world to trade, but there are suspicious ones who believe there were investors tipped off during its launch because of its bizarre launch, yet this is not surprising behavior for altcoins.
