The chief executive of the digital asset analytics firm CryptoQuant is outlining what gives President Donald Trump’s newly launched memecoin value.
The Official Trump (TRUMP) memecoin launched on Friday and rapidly surged in price to become a top-30 crypto asset by market cap.
The asset is trading at $40.47 at time of writing and is down nearly 40% in the past 24 hours but up more than 518% since Friday. It already has a market cap of more than $8.1 billion.
Trending: Watch: Andy Griffith Destroys the Trans Movement in Just 60 Seconds
CryptoQuant CEO Ki Young Ju says retail traders think that financial markets are all about following trends and “chasing memes.”
“What gives Trump’s meme coin its value? Unlike traditional securities, which pool investments for productive activities, celebrity meme coins don’t directly create value. Instead,
Join the conversation!
Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!