The President of the United States, Donald Trump, has signaled support for the concept his official Memecoin reflects the general public mood about his leadership.
In a contribution in his social media platform Social Social Social Social, Trump informed a Newsmax article wherein he discussed how his official cryptocurrency token serves as a measuring device for political dynamics and repeated the views which have shared some numbers within the crypto industry.
While the president can recognize his Memecoin as a hit barometer, the market performance of the token paints a more sobering picture whether it is for use as a rise in mood.
At the time of the letter, his official Trump (Trump) Memecoin was around $ 10, which decreased from $ 73 in January. A planned 520 million dollar -token -Freichung in July could apply further pressure down.
Donald Trump shares an article about Memecoin as a hit tracker. Source: Donald Trump
Trump Token was committed to 520 million US dollars
According to Onchain data, which was compiled by TOKENOMIST (formerly token unlocks), only 26.48% of the overall offer of the Trump token was unlocked at 73.52% -around 735 million tokens -which haven’t yet been brought into circulation.
On July 18, Trump -token of 25% of the present circulation offer will come onto the market. Tokenomist data show that fifty million tokens value over 520 million US dollars are unlocked.
Numerous tokens that step onto the market has the potential to place the value of the romp down further down, especially if the demand is just not scaled in parallel.
In the run-up to the unlocking, Trump's son Eric Trump tried to strengthen the market confidence with the Crypto Company World Liberty Financial, supported by Trump, and announced that Wlf plans to accumulate a “significant amount” of the Memecoin token.
The price of the token didn’t react significantly and led the commentators to the indisputable fact that it was “not a superb sign”.
Regardless of whether the investors are unlocking or response with a market sale, it indicates a broader political enthusiasm for Trump's leadership.
Memecoins as a tool for public mood measurement
The use of memoins as a tool for measuring the general public mood is just not recent. The co -founder of Animoca Brands, Yat Siu, said beforehand that the short rise of Trump Token was resulting from hype and novelty.
However, the chief said that it could reflect a broader attitude to Trump's presidency in the long run.
