TL:DR;
- Inside simply over a day after its launch, the Trump-backed and endorsed meme coin has already created quite a few success tales of buyers getting in on the proper time and (some) getting out.
- However, meme cash stay extremely risky and dangerous property, and buyers must be cautious earlier than allocating funds to them.
The president-elect shook your complete crypto market on Friday night time when he introduced the launch of the OFFICIAL TRUMP (TRUMP) meme coin and invited his tens of millions of followers and supporters to affix his neighborhood.
Regardless of the controversial launch and fears a couple of potential hack or a rip-off, the token grew to become an in a single day sensation. Its worth is now value $40, whereas its market capitalization has soared previous $8 billion, making it the third-largest meme coin, sitting behind solely DOGE and SHIB.
With this exceptional rise in worth inside mere hours, the variety of success tales for merchants who obtained in early (presumably insiders) and have already offered some parts to seize huge income has gone by way of the roof.
After the preliminary shopping for spree, extra info emerged later from Lookonchain about deposits to giant exchanges, akin to OKX, the place the identical merchants more than likely capitalized on the worth rally by promoting off their tokens.
One of many extra well-known merchants, which Lookonchain known as ‘legendary,’ made $6.8 million on the TRUMP token inside a day after securing a $12.5 million revenue from BOME final 12 months.
OFFICIAL TRUMP’s launch was a extremely profitable and spectacular story. Nonetheless, not all meme cash have the identical spectacular path. There are millions of such tokens launched each day, and most flip into fast rug pulls, leaving buyers with empty palms. As such, merchants must be cautious when coping with meme cash, even when they’re launched by the upcoming US president.
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