The “official” memecoin of Donald Trump’s second administration will be listed on major cryptocurrency exchanges, including Coinbase and Binance, according to company announcements.
Coinbase announced plans to list the TRUMP token on Sunday. The announcement was made through its Coinbase Assets X account, which provides information on new assets, but the exchange did not provide a concrete timetable for the listing.
Binance announced plans to open trading for the TRUMP token on the morning of January 19. The token is already traded on many other centralized exchanges, such as Bitget, KuCoin and Kraken according to CoinGecko.
On-chain data shows that the token has a market capitalization of just over $7.6 billion and a trading volume of around $15 billion.
While many of the largest crypto exchanges have enthusiastically adopted the official Trump memecoin, the first Trump-themed token, one of the first political finance tokens (PoliFi), has struggled to get listed on scholarships.
As CoinDesk reported earlier this year, ByBit and OKX rejected the team’s request to list the token due to concerns that the project was too political. Kraken did not respond to their request for listing and would not discuss the matter officially.
The first Trump token, Ethereum-based MAGA, is down 84% from its June high of $17.80, according to CoinGecko, but continues to be actively traded.
MAGA fell sharply after the launch of the official Trump token, falling from $3.50 to $1.44 over the weekend, with its market cap falling from $158 million to $64 million. The token slowly recovered after the initial drop, likely due to widespread interest in Trump-themed tokens on the eve of the inauguration.
TRUMP’s tokenomics has been criticized by many netizens, who pointed out that 80% of the token supply is controlled by wallets owned by CIC Digital.
$ASSET made memecoins worse than venture capital-backed coins by a long shot.
The Donald Trump Revocable Trust owns 100% of CIC Digital, which has been allocated 80% of the supply of the new memecoin launched by @realDonaldTrump.
The same company was also behind Donald Trump’s NFTs. pic.twitter.com/RI2Y2wgy8W
– hitesh.eth (@hmalviya9) January 18, 2025
CIC Digital LLC is the Trump Organization affiliate that launched Trump non-fungible tokens (NFTs) in 2023. OpenSea data shows there is a second wave of interest in these NFTs with over 2,800 sales in the last 24 hours, worth over 765 ETH ($2.5). million).
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