President Donald Trump's Official Trump memecoin jumped over 8% in 24 hours after 40 million tokens belonging to the project's creators were unlocked Thursday.
The unlocked tokens represent just 4% of the total supply of 1 billion tokens but increase the circulating supply by 20%, from 200 million to 240 million. Ahead of the unlock, TRUMP tokens traded around $7.54, down significantly from an all-time high of $71 reached in January. After the unlock, the price settled around $8.30, up 8.5% over the past 24 hours, according to The Block's Official Trump Price page.
Typically with large unlocks allowing holders to sell their tokens on the open market, the price of the cryptocurrency in question drops amid selling pressure, though TRUMP has seemingly reversed the trend. The 40 million tokens unlocked on Thursday belong to the project's creators and CIC Digital LLC, according to the memecoin's website.
If Trump's memecoin possesses any tangible value beyond allowing people to gamble on the token's price, it's difficult to determine what that might be. According to the project's website, the memecoin is "intended to function as an expression of support for, and engagement with, the ideals and beliefs embodied by the symbol '$TRUMP' and the associated artwork, and are not intended to be, or to be the subject of, an investment opportunity, investment contract, or security of any type."
In January, K33 Research called the memecoin project's tokenomics "poor."
Three days before taking office, Trump promoted the Solana-based memecoin on social media. Watchdog group Public Citizen called for an investigation into the president's promotion of the cryptocurrency.
"Entities behind President Donald Trump’s crypto coin accumulated close to $100 million in trading fees in less than two weeks, according to estimates from three blockchain analysis firms," Reuters reported in February.
Trump has been listed as CIC Digital LLC's manager, president, secretary and treasurer. The company has previously licensed the president's likeness for multiple NFT collections.
Last month, House Financial Services Committee Chair French Hill, R-Ark., said the Trump family's involvement in crypto, which includes the DeFi project World Liberty Financial, was complicating legislative efforts to craft stablecoin regulations. World Liberty Financial has proposed launching its own stablecoin.
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