On the evening of January 17th local time, the elected US President Trump announced the launch of his personal cryptocurrency, which caused a huge stir in the cryptocurrency market.
The cryptocurrency named Trump has seen a sharp rise in price. According to CoinGeko data, the market capitalization of the token exceeded $3 billion within just one hour of its launch. The next day, it continued to rise, with the fully diluted market capitalization briefly surpassing $80 billion. Based on Forbes rankings, if the Trump token price reaches $270, Trump would become the world's richest person.
Subsequently, on the evening of the 19th local time, Melania Trump also issued her "First Lady Coin", whose market value quickly exceeded $10 billion. As of the time of writing, both cryptocurrencies have retreated significantly.
Compliance Controversies After the Token Launch
With the rapid price increase, Trump token investors have reaped huge returns from the rapid price appreciation. X is constantly filled with people showing off their profits, creating countless new millionaires overnight. David Sacks, the new cryptocurrency policy official appointed by Trump, stated that "the tyrannical reign over cryptocurrencies is over, and the dawn of US crypto innovation is just beginning."
At the same time, some are concerned that the connection between political power and the cryptocurrency market could have more serious consequences. Cryptocurrency executives spent an unprecedented $130 million on the 2024 election, raising concerns about the industry's control over regulatory agencies. The sharp fluctuations and subsequent decline in the Trump token price within 48 hours of its launch also validate these concerns.
Cryptocurrency venture capitalist Nick Tomaino said, "Trump owns 80% of the Trump token and launched the product just days before his inauguration, which is predatory, and many people may be harmed as a result."
Critics also argue that the Trump token could become a dangerous way for special interest groups to try to buy influence over the president. Former Trump White House communications director Anthony Scaramucci tweeted: "Now anyone in the world can deposit money directly into the US president's bank account with just a few mouse clicks."
With the news of Trump and his wife launching cryptocurrencies, this event has not only attracted widespread market attention, but also sparked discussions about their security and compliance. As the cryptocurrency market is still in constant development, the relevant legal framework and regulatory policies are not yet fully clear. Therefore, how to ensure that these newly issued tokens can be traded and operated within a legal and compliant framework is a pressing issue that needs to be addressed.
Beosin KYT Supports Trump Token Queries
In addition, there is another winner in the hot trading of the Trump token - Solana. Both the Trump token and Melania token are issued on the Solana platform. As a high-performance public chain, the Solana ecosystem is constantly growing, with more and more funds entering the Solana ecosystem to participate in various trading activities.
Currently, the Beosin KYT system fully supports the query function for the Trump token. This measure not only enhances the transparency and security of digital currency transactions, but also provides users with more efficient anti-money laundering and compliance monitoring services. Beosin KYT monitors the transaction flows of the Trump token in real-time, helping users ensure that their trading activities comply with international financial regulations, reduce potential risks, and further promote the healthy development of the blockchain industry.
Adding the Trump token to Beosin KYT
Beosin KYT's risk assessment of a phishing address based on the Trump token
Beosin KYT has updated its account design for Solana, using blockchain big data analysis technology and advanced AI technology, through billions of address tags and blacklist libraries, to identify any suspicious transactions on the Solana chain, conduct comprehensive risk assessments, and identify on-chain relationship risks, helping exchanges and Solana ecosystem projects build KYT and continuous address risk assessment capabilities.
In Conclusion
The consecutive launch of cryptocurrencies by Trump and his wife not only demonstrates the potential of the crypto market, but also has sparked widespread attention and scrutiny. With the market's rapid response, the prices of the Trump token and Melania token have soared, undoubtedly proving the great appeal of cryptocurrencies as a new investment asset. However, the issues of security and compliance that come with it cannot be ignored. How to ensure that these tokens can be traded and operated within a legal framework, avoiding involvement in illegal activities or market manipulation, has become a focus of industry attention.
As the cryptocurrency market continues to develop and relevant regulatory policies are gradually improved, ensuring the security and compliance of tokens will be a responsibility for every crypto project. The rapid development of cryptocurrencies cannot be separated from the dual guarantee of compliance and security. Only by ensuring security and compliance can a solid foundation be laid for the long-term development of the crypto market. With the gradual improvement of regulatory policies and the continuous innovation of technical means, the future cryptocurrency market will thrive in a healthier and more orderly environment.
