Donald Trump, President of the United States has declared his support for memecoin as a way to gauge public sentiment towards his leadership.
Trump has posted on his Truth Social social media platform. shared Newsmax published an article in which the author discussed how his token cryptocurrency serves as a gauge for political progress, reiterating views held by crypto industry leaders.
The president’s memecoin may be a barometer of success, but the market’s performance is a much more realistic picture when used to gauge sentiment.
His Official Trump (TRUMP), memecoin was being written at the time. traded Around $10 is down around 85% from its high point of $73 reached in January. The release of $520,000,000 in tokens scheduled for July may add further downward pressure.
Trump token set for $520 million unlock
According to onchain data compiled by Tokenomist (formerly Token Unlocks), only 26.48% of the TRUMP token’s total supply has been unlocked, with 73.52% — about 735 million tokens — yet to enter circulation.
TRUMP tokens, which represent 25% of current supply will be released on the 18th July. Data from Tokenomist shows 50 million tokens worth over $520,000,000 will be released.
If the demand for tokens doesn’t increase in tandem with the volume of tokens, a high number of them hitting the market could put downward pressure on their price.
On June 7, Trump son Eric Trump released the code to unlock the lock. attempted to bolster market confidence World Liberty Financial is a Trump-backed cryptocurrency company. WLF announced its plans to purchase a Bitcoin exchange. “substantial amount” Memecoin Tokens
The price of the token didn’t change much, which led commentators to claim that it wasn’t a good deal. “not a good sign.”
Investors’ reactions to the forthcoming unlock could be indicative of broader support for Trump.
Related: Trump memecoin wallet in ‘absolute chaos’ as family org unaware of launch
Use of memecoins for measuring public sentiment
It’s not new to use memecoins in order to determine public sentiment. Yat SIU, the co-founder at Animoca Brands and Cointelegraph previously said that TRUMP tokens’ rapid growth is due to its novelty.
But the CEO said in the longer term it might be detrimental. reflect broader attitudes Trump’s presidential election.
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Source: cointelegraph.com
