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Coinbase Announces Support For Donald Trump’s TRUMP Meme Coin
Coinbase cryptocurrency exchange has announced its decision to list the Donald Trump-themed cryptocurrency, TRUMP, on its platform. The token, which operates on the Solana blockchain, is categorized as an “Experimental” asset and will be available for trading in regions where Coinbase offers support.
This comes in the wake of the company’s decision to include meme coins in its list of offered currencies, even as experts continue to raise questions over the sustainability of such digital assets. To avoid a loss, users have been advised to send TRUMP tokens only through the Solana network.
Coinbase Announces Support For TRUMP Meme Coin
Coinbase has included the TRUMP meme coin, developed on the Solana network, in the “Experimental” asset category. These are often used with assets which have limited trading history or have high levels of price fluctuations.
In the official announcement made by Coinbase, it was stated that deposits, withdrawals, and trading for TRUMP will be available on Coinbase and Coinbase Exchange. However, the exchange admitted that transaction processing for Solana-based assets including TRUMP had been slowed down due to network congestion.
Coinbase has also shared the Solana network contract address for TRUMP token to avoid any suspicion. Users are encouraged to use the following address 6p6xgHyF7AeE6TZkSmFsko444wqoP15icUSqi2jfGiPN for all transactions to avoid loss of funds.
Market Activity and Reactions to TRUMP Token
Since its launch, the TRUMP token has attracted massive trading activity and large value transfers between wallets. According to Whale Alert, a blockchain tracking service, more than 1.6 million TRUMP tokens worth $67.4 million were transferred between two anonymous wallets.
Even though the token has a high trading volume, the market performance has been quite volatile having been listed by both Binance, and Robinhood. TRUMP was in the red by double digits following the introduction of a close competition meme coin called MELANIA. This led to criticism from key personalities in the financial and crypto industries, such as investor Mark Cuban, who doubted the token’s sustainability.
Balaji Srinivasan, a crypto enthusiast, called such tokens as TRUMP meme coins and pointed out the fact that they are very much risky. He said, “Every purchase order in such coins has an answer from a seller and this leads to price drop.” Srinivasan also stressed that the best coins are those with intrinsic value, despite the fact that some meme coins have gained communities.
Concerns Over Meme Coin Sustainability
Meme coins have faced scrutiny for their speculative nature and the potential risks they pose to late investors. The launch of TRUMP and similar tokens has reignited discussions about their long-term sustainability in the market especially with Donald Trump failing to mention crypto as top priority as he took office.
Skeptics have claimed that many meme coins rely on marketing and hype to draw investors, but such tokens may lack substantive use cases and sustainable value.
Edward Dowd, the founder of Phinance Technologies, called the TRUMP market drop a mistake that could have been avoided and questioned its sustainability. The recent swings in the prices of TRUMP and MELANIA have only compounded these fears, with more people urging retail investors to be more careful.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Binance-based Mubarak meme coin has witnessed huge trading activity surging by another 70% today and moving to $.20 with its market cap hitting $200 million just within two days of launch. An early trader of the meme coin has managed to earn a 4860x return just within two days of launch, converting his $232 investment to a $1.1 million return.
Mubarak Meme Coin Trader Mints Huge Profit
Blockchain analytics platform LookonChain recently pointed out that a trader has achieved extraordinary profits from the newly launched BNB Chain-based meme coin, the Mubarak token. A savvy trader managed to turn an initial investment of just 0.4 BNB ($232) into over $1.1 million, achieving a staggering 4,860x return.
The trader purchased 10.5 million $MUBARAK tokens for $232 and later sold part of the holdings for 576 BNB, worth approximately $363,500. Currently, the trader retains 5.16 million tokens, valued at $764,000, spread across three wallets.
What’s Behind This New Meme Coin Frenzy
The Mubarak meme coin has gained significant traction in the last two days following an investment by Binance founder Changpeng Zhao. This announcement was enough to garnet significant trader attention leading to a sharp rally in a very short time period.
Furthermore, the listing of this meme coin on the Binance Alpha platform has led to a huge trading activity around it. Pseudonymous crypto analyst Thanos has expressed strong optimism about the token, describing it as a “no-brainer” investment at its current price levels.
According to Thanos, the recent Binance Futures listing triggered a market shakeout, eliminating overleveraged long positions. With this correction behind, the analyst believes the token can continue its upward trajectory.
BNB Price Rally to Continue?
The launch of the MUBARAK meme coin on the BNB Chain has led to a huge surge in network activity thereby pushing the BNB price higher to the breakout resistance of $630. As a result of this, the decentralized exchange (DEX) volumes on the BNB chain have also skyrocketed.
In a recent milestone, the daily trading volumes on the BNB chain also surpassed that of the popular Solana network. Over the last few months, the meme coin market has been shifting from Solana to Binance, as the latter sees a strong surge in address activity.
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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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The price of Bitcoin (BTC) is undergoing bullish consolidation at the moment after the intense selloff in the broader market cooled off. The current outlook shows relief for a coin that dropped as low as $76,624.25 in the past week. Per the historical trend of BTC prices, this consolidation might be a buildup to a massive rally for the top coin.
Bitcoin Price and Potential $200,000 Play
When writing, the BTC price changed hands for $83,927.24, up by 1.38% in 24 hours. The coin has jumped from a low of $82,017.90 to a high of $84,725.32, a show of brewing breakout.
Market analyst Rekt Capital analyzed whether this current price is a short-term relief. He spotlighted a trend from June 2021, when the price of Bitcoin was consolidating between the 21-week EMA and the 50-week EMA. The consolidation came just after a crash.
About a week ago, the BTC price crashed, triggering millions in liquidation across the market. Following this price slump, the coin is consolidating between the same EMA showcased by Rekt Capital.
In June 2021, Bitcoin prices increased from $33,000 to $42,000. This gives an average price of $37,500. From here, the coin jumped by over 123.95% to its current price of $83,927.24. If history repeats, Bitcoin Bitcoin may soar to almost $187,280 or approximately $200,000.
BTC Price and Accumulation Trend
According to market data from Glassnode, Bitcoin currently has a high of 0.1. According to the market analytics platform, this figure indicates sustained buying pressure despite the market selloff.
Rather than steer clear of the market, Glassnode hinted that the coin’s distribution remains dominant overall. Other onchain indications also point to reboot from BTC proponents. IntoTheBlock data points to a 5.34% surge in large transactions to $34.7 billion.
This whale transaction is important as it shows a trend shift among market players that can impact prices. It is also complemented by the 24% surge in BTC trading volume of crypto exchanges, a sign of sustained positive sentiment.
What Next for the Crypto Market?
The growth or fall in the price of Bitcoin has a way of impacting the broader market. In an earlier cryptocurrency price prediction, the impact of Trump and Putin’s peace deal over Ukraine was considered. Experts are convinced the broader market may ignite a bullish rally if the conversations turn positive.
Although spot Bitcoin ETF market has been showcasing outflows over the past week, the coin is positioned to be the biggest beneficiary in this shift. While the Rekt Capital historic forecast teases $200,000, experts like Cathie Wood predict deflationary boom for the market, riding on massive BTC adoption rate by institutions and governments.
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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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MUBARAK coin emerged as the latest hot buzz of the crypto sector, securing a prominent mark on traders’ and investors’ radars amid Binance founder CZ’s involvement in the meme coin. CZ recently hinted that he is Mubarak, a shilling cryptic move that sent shockwaves across the meme crypto industry. Now, with the crypto exchange titan itself revealing plans to launch a perpetual contract for the token, market sentiments over the crypto’s price prospects have turned highly bullish.
Notably, MUBARAK price is currently up 22% intraday in the wake of Changpeng Zhao spotlighting the token, further escorted by the CEX’s futures listing.
Mubarak Coin Gains Traction As It Secures Binance Listing
According to an official announcement dated March 17, Binance futures is launching a MUBARAKUSDT perpetual contract today at 13:30 UTC. The platform’s colossal user base remains primed to enjoy up to 25x leverage trading the new token.
This announcement by one of the top crypto exchanges ignited optimistic waves, paving the way for further investor interaction with the new asset. As market participants look to capitalize on emerging opportunities, a gush of money inflow into this meme token remains anticipated.
In turn, bullish market sentiments about MUBARAK coin’s price prevail across the broader market.
Is Binance’s CZ Mubarak?
CoinMarketCap’s data about this new token reveals that “CZ just subtly acknowledged that he’s Mubarak,” a cryptic move that sparked market discussions globally. On the other hand, a recent CoinGape report spotlights that CZ also bought $600 worth of the new meme coin, sparking a market frenzy.
When coupled with Binance’s futures listing, these developments add an extra layer of market optimism to the new token.
What’s More In The Listing Announcement?
Apart from enhanced trading support for MUBARAK coin, the crypto exchange behemoth unveiled Bubblemap’s (BMTUSDT) perpetual contract with up to 25x leverage. This announcement triggered 43% gains in the asset, reaching $0.1289, as indicated by the intraday trading chart.
MUBARAK Price Surges Over 20%
As of press time, MUBARAK price witnessed a 22% pump and exchanged hands at $0.09902. Notably, the coin hit an intraday peak of $0.1458, which was in sync with Binance’s announcement. Further, traders reacted positively to the abovementioned developments, as signaled by a 120% increase in the asset’s intraday trading volume to $165.45 million.
More Support From Binance?
Simultaneously, it’s noteworthy that in a previous announcement on Binance Alpha, the crypto exchange revealed support for the Mubarak coin. Binance Alpha is a platform featuring tokens that can be potentially considered for listings on the exchange moving ahead.
Overall, traders and investors anticipate potential gains in this newly launched token amid rising market demand and interest.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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