The decision comes after Coinbase expanded its cryptocurrency offerings by adding meme coins, despite concerns over the sustainability of these digital assets. To avoid the risk of loss, users are advised to only send TRUMP tokens via the Solana network.
Coinbase supports meme coin TRUMP
Coinbase has listed TRUMP, a meme coin developed on the Solana network, as an “Experimental” asset. These are typically assets with limited trading history or high price volatility.
According to Coinbase’s official announcement, deposits, withdrawals, and trading of TRUMP will be supported on Coinbase and Coinbase Exchange. However, the exchange also acknowledged that transaction processing for Solana-based assets, including TRUMP, is experiencing delays due to network congestion.
In an effort to increase transparency, Coinbase has made public the Solana network contract address for the TRUMP token. Users are encouraged to use the address 6p6xgHyF7AeE6TZkSmFsko444wqoP15icUSqi2jfGiPN for all transactions to avoid asset loss.
Market Activity and Reaction to TRUMP Token
Since its launch, the TRUMP token has seen high volume and high-value transactions between wallets. According to a report from Whale Alert, a blockchain tracking service, more than 1.6 million TRUMP tokens, worth $67.4 million, have been transferred between two anonymous wallets.
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Despite its high trading volume, TRUMP’s market performance has been quite volatile following its listing on both Binance and Robinhood. TRUMP’s value plummeted by double digits when a new competing meme coin called MELANIA was introduced. This led to criticism from prominent figures in the finance and cryptocurrency industry, such as investor Mark Cuban, who expressed doubts about the token’s sustainability.
