What to know:
- Major crypto exchanges including Coinbase and Binance plan to list the official TRUMP memecoin token.
- MAGA, the Political Finance (PoliFi) fan token, had trouble getting listed on major exchanges with some saying it was “too political”.
It has been announced that a meme-based cryptocurrency, dubbed as the official one for the second term of the Donald Trump administration, is set to appear on prominent digital asset trading platforms like Coinbase and Binance.
On Sunday, Coinbase announced through their Coinbase Assets (X) account, a platform that shares updates about new digital assets, their intention to list the TRUMP token. However, they did not specify an exact schedule for when this might happen.
Assets added to the roadmap today: Official Trump (TRUMP)
— Coinbase Assets 🛡️ (@CoinbaseAssets) January 19, 2025
According to Binance’s announcement, they will commence trading for the TRUMP token early on January 19. As of now, this token is already available for trade on several other centralized platforms like Bitget, KuCoin, and Kraken, as per CoinGecko’s data.
As an analyst, I’ve been scrutinizing the on-chain data, and here are some key findings: The token’s current market capitalization surpasses the 7.6 billion dollar mark, while its daily trading volume hovers around a staggering 15 billion dollars.
Despite several major cryptocurrency platforms enthusiastically adopting Trump’s official meme coin, which is the first token themed around politics (Political Finance or PoliFi), one of the original PoliFi tokens experienced difficulties in being listed for trade on digital exchange platforms.
According to an earlier report by CoinDesk, the teams’ request to have their token listed on ByBit and OKX was denied due to apprehensions over the project’s political nature. Kraken did not respond to their application, and declined to comment on the issue publicly.
Initially launched as a Trump-themed token on the Ethereum network, MAGA (short for Make America Great Again) has seen a significant drop since its peak in June at $17.80, currently standing 84% lower, based on data from CoinGecko. However, it remains an actively traded asset.
After introducing the official Trump token, MAGA suffered a significant drop over the weekend, going from $3.50 to $1.44. This decline resulted in its market capitalization shrinking from $158 million to $64 million. However, the token has been gradually regaining ground following the initial fall, possibly due to increased curiosity surrounding Trump-related tokens ahead of the inauguration.
As an analyst, I’ve observed that the token distribution of TRUMP has drawn considerable criticism from various online sources. A notable point of contention is that approximately 80% of the total token supply is managed by digital wallets associated with CIC Digital.
Trump’s involvement in memecoins has significantly outperformed VC-backed coins in terms of negative impact, according to recent observations. This is due to the fact that The Donald J. Trump Revocable Trust holds a complete stake in CIC Digital, which controls an astounding 80% of the newly launched memecoin by @realDonaldTrump. Interestingly, this same company was also the force behind the creation and distribution of Trump’s NFTs.
— hitesh.eth (@hmalviya9) January 18, 2025
In simpler terms, CIC Digital LLC, which is linked to the Trump Organization, introduced Trump’s Non-Fungible Tokens (NFTs) in the year 2023. According to OpenSea data, there has been a renewed interest in these NFTs with approximately 2,800 sales within the last 24 hours, amounting to more than 765 Ether or around $2.5 million.
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2025-01-19 09:29