Robinhood Announces TRUMP Meme Coin Listing for Spot Trading
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Highlights:
- Robinhood lists Official Trump for spot trading, triggering price surge.
- TRUMP’s market cap hits $11.76 billion, becoming the 18th-largest digital asset.
- Solana blockchain congestion caused by TRUMP and MELANIA tokens sparks debates on scalability.
On January 20, Robinhood announced on X the listing of Official Trump (TRUMP) for spot trading. According to CoinMarketCap, the token ranks as the 18th-largest digital asset with a market cap of $10.66 billion. The token dropped 28.19% in 24 hours, reaching $53.9. The token’s valuation surged to approximately $8 billion within three hours of its launch.
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OFFICIAL TRUMP ($TRUMP) is now available to trade on Robinhood.
— Robinhood (@RobinhoodApp) January 20, 2025
As it was listed on major exchanges like Upbit, HTX, Kraken, Gate.io, OKX, and Binance, its price quickly surpassed $30. On Saturday night, Coinbase revealed it had added TRUMP to its listing roadmap, signaling the exchange may list the token. It recently reached a peak of $75.35 but has since seen a decline.
Robinhood Markets (HOOD) saw its stock rise by 4.45% to $48.15 on Friday, with a 23% gain over the past week, signaling strong investor confidence. Recently, Robinhood faced legal challenges and agreed to pay $45 million to settle SEC charges involving securities violations by two of its broker-dealers. However, the Robinhood’s move grabs the attention.
TRUMP and MELANIA Tokens Trigger Solana Blockchain Congestion and Market Backlash
The TRUMP token launch has overloaded the Solana blockchain, causing delays and failures on platforms like Phantom, Jupiter, and Raydium. This surge has lowered transaction success rates and disrupted trading and transfers. The congestion has impacted centralized exchanges such as Binance, Robinhood, and Coinbase. This has sparked new debates about Solana’s scalability.
Over the weekend, the President-elect launched the TRUMP memecoin ahead of Monday’s inauguration. Shortly after, Melania Trump introduced her own memecoin. The MELANIA token now holds a market cap of $1.69 billion, with a fully diluted valuation of $11.3 billion, according to DEXscreener. Both tokens have contributed to the congestion of the Solana network.
Can someone please fix Solana
I bought $300k $MELANIA
But now I cannot sell it
— Ash Crypto (@Ashcryptoreal) January 19, 2025
Trump and MELANIA Launch Sparks Concerns Over Manipulation and Financial Risks
Trump is facing criticism despite the token’s success. MELANIA’s release is said to have dropped TRUMP’s price. Delphi Labs co-founder José Maria Macedo blames insider profit-taking.
Trump’s token launch has created both excitement and doubt. 80% of tokens are held by Trump-related companies, raising concerns about manipulation and rug pulls. Coffeezilla called the release “nasty work.” Findeisen warns that many of Trump’s supporters, particularly those new to crypto, may face financial losses.
> dropping TRUMP memecoin 2 days before becoming president is nasty work
> new SEC/DOJ guarantees no prosecution
> 80% of tokens vest to insiders DURING the presidency
> most ppl losing money will be MAGA who aren't crypto native
> *should* be a crime but crime is legal now ig?— Coffeezilla (@coffeebreak_YT) January 18, 2025
Venture capitalist Chris Burniske expressed discomfort with the token allocation but sees its potential to spark future innovation, like “The DAO movement of 2016.”
TRUMP’s FDV Surpasses DOGE
The TRUMP token’s fully diluted valuation (FDV) of $61.22 billion has surpassed DOGE’s FDV of $57.41 billion. Andrew Kang, co-founder of Mechanism Capital, posted on X that the TRUMP token could reach a circulating market cap of $100 billion and an FDV of $500 billion, potentially overtaking Dogecoin. He believes investing in the $TRUMP token is better than random Dogecoin.
There's a decent argument for $TRUMP to go absolutely ballistic to $100b circulating market cap/$500m fdv and flip Doge
– Investing in $TRUMP feels a lot more palatable and attractive to invest in the trump brand than some random dog coin. Even though there is no value for the…
— Andrew Kang (@Rewkang) January 19, 2025
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