Cryptocurrency and, indeed, the American True Hero token trading under the symbol TRUMP has this week recorded the most dramatic 24-hour rise of 13,020.91%. Its rapid increase has raised the token to the #2858 rank in the world and attracted the attention of both investors and political junkies.
At current price of $0.0004661 per token, the new TRUMP token has market capitalization value of $5,62 million and daily trading volume of $15,72 million. It has traded at 136.06% of its market cap pointing towards highly charged trading and a lot of speculative sentiments. Comparing the CMC valuation, the fully diluted valuation (FDV) is as high as $21.91 million showing that the market seems to see the token as the next bull run.
In detail, TRUMP has a total and maximum supply of 47 billion TRUMP tokens, all of which are in circulation, as reported; the project has since gained popularity. The token seems to be caught in a frenzy of its political sentiment and the general meme coin culture that has taken over social media, which turns into crypto.
American True Hero looks increasingly like it belongs to a post-presidency project founded and led by former president Donald Trump that manifests both his political power and business acumen. This surge comes at the peak of heightened interest in cryptocurrency from Trump himself, who previously was skeptical of the technology, but has started investing in NFTs and indicating ambitions to launch a national cryptocurrency reserve.
Still, this place isn’t for any investor to rush, especially with their hard-earned money. Most of the tokens with such an intense level of fluctuation belong to the category of low-impact speculative sources of value in the cryptocurrency market. As some may look at the possible profits, the related possibilities of making similar losses are just as high. Aside from speculation, there are no clear fundamentals or use cases that might explain its potential in the long run.
As the 2024 United States presidential election draws near, politics and cryptocurrencies’ interaction is rather obvious. Subsequently, the growth of the TRUMP token can be viewed as an indicator of the crypto community’s political enthusiasm or only the next phase in the continuous growth of new projects that attract investors’ interest in high-risk high-generate opportunities.
Particularly, legally questionable issues hang over such politically-infused tokens. As governments around the world struggle to regulate the burgeoning crypto market, assets that exist in a legal grey area between political movements and financial tools may be at greater risk.
For now, the American True Hero token is an example of the irrational world of cryptocurrency markets, whether it will continue to grow or will be delisted is unknown as many others before it. Of course, as ever, the risks of investing in such cryptocurrencies should be taken with snapshots in a constantly moving train; thus, investors are warned to do their own research!
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