If you’re just getting into crypto, you’re probably realizing there are no shortage of coins to trade. Just about every concept has its very own accompanying coin.
In some cases, companies and countries have started their own official digital currencies. Each new currency usually has its own mission statement and goals to help the crypto community advance.
In other cases, however, the motivation and faces behind the curtain aren’t so clear. That’s why it’s so important to do your research before investing in any niche altcoin – like Trump coin (TRUMP). Let’s go over everything you should know before buying (if that’s what you decide to do).
Just as with real life, the crypto community has some strong opinions about TRUP.
What is Trump Coin and Who’s Behind It?
TRUMP popped up a little earlier than some readers might realize. According to the coin’s official website, TRUMP was born on February 20, 2016 – just eight months after Donald Trump announced his bid for president in June of 2015.
It’s important to point out upfront that this coin is not in any way affiliated with or endorsed by the actual Trump presidency or campaign. Although the imagery and words of MAGA encouragement on the website certainly make it seem like that’s what the developers want people to believe. So, who’s running it then?
Good question and, like with most niche altcoins, there isn’t an easy answer. The website doesn’t include a blog or any updates and the FAQ page just talks about the coin and Trump values. Traders and readers are directed to the Discord forum and BitcoinTalk forum for more information.
The BitcoinTalk forum involves a lot of infighting among developers and traders which isn’t surprising. It isn’t clear who exactly is behind TRUMP but it does seem like one user, chicken65, is pulling some of the strings. He actually revealed himself as someone named Chris Cowie: a DJ living in Scotland who supports Trump.
Chicken65 closed the thread after revealing himself as Cowie – whether or not that’s true no one can know for sure. The website previously contained a team member widget, but this has since vanished. Other signs from a Reddit thread point to someone named Jason Bobbitt living in Roanoke, Virgina but that can’t be confirmed. Either way, it isn’t clear who’s in charge at TRUMP. This is definitely kind of fishy but it’s not far off from the strategy you see with a lot of other niche altcoins. That’s why it’s so important to do your research.
Does Trump Coin Support the Trump Campaign?
Every altcoin has its own mission statement and TRUMP is no different. Although, it’s pretty much what you’d expect from the unofficial MAGA coin. Initially, the coin’s goal was to secure Trump’s Presidency in the 2016 election. The site now claims that TRUMP will function as a grassroots community to assist Trump in accomplishing his goals. The website says it will do this by financially supporting things via crypto like border security and veterans while feeding the homeless.
The TRUMP website doesn’t name any specific organizations carrying out these tasks. It does, however, encourage traders and casual readers to donate to pundits, entities, and outlets like Sean Hannity, Milo Yianopolis, and Sebastian Gorka. An ominous video serves as a mission statement which explains that the coin will essentially function as a crypto-pac. The owners claim that 200,000 coins are set aside to support the Trump campaign but only “once it reaches substantial value,” of course.
Again, this Trump coin is not at all affiliated with the actual Trump campaign so there’s no way to confirm whether or not the donations are going where the owners claim.
TRUMP has a 30-second block time and a global supply of 12 million with 6 million currently in circulation at the time of writing this.
TRUMP uses a Blake-256 proof-of-stake (POS) algorithm rather than a proof-of-work (POW). The staking reward is just 2% annually.
Trump Coin to USD Price and Market Cap
At the time of writing this, the TRUMP price is $0.034355 USD with a market cap of just over $200,000 USD and a 24-hour trading volume of just under $90,000. That places TRUMP in the 989th spot on the list of highest-valued coins.
If you’re interested in Trump coin to USD price alone, you should set your sights to major events like the launch of the 2020 election cycle. Although TRUMP isn’t affiliated with the actual campaign the price definitely surged during Trump’s actual inauguration and again in February of 2018 when traders suspect a pump and dump took place.
Which Exchanges Offer Trump Coin?
TRUMP is offered on a few exchanges like the UK-based Livecoin, New Zealand-based Cryptopia Exchange, UK-based Trade Satoshi Exchange, and the Swedish-based Nova Exchange.
According to CoinMarketCap, however, TRUMP is only available on YoBit, Livecoin, Cryptopia, and Trade Sotoshi.
TRUMP is not available on Binance.
You also have four authorized wallets to choose from if you’d like to buy this coin. Most of them are for different operating systems like Windows, Android, and Mac. However, you also have the option of using the website’s offered paper wallet. The paper wallet does not allow you to download the blockchain and you can’t stake.
Trump Coin Mining
Coins with a proof-of-stake algorithm cannot be mined – you have to buy them. You can only mine proof-of-work coins. Some traders speculate that a significant number of TRUMP were premined prior to the public release – a common practice with niche altcoins like this.
The good news is that although you can’t mine the coins, you can still enjoy a 2% return annually depending on the current value. POS coins as a whole make a great alternative to a traditional savings account since the return is often much higher – even at just 2%.
The Other Trump Coin
There’s actually a competing coin honoring the Donald. The other coin, President Trump coin (PRES), launched in May of 2016 during the election cycle – likely as a way to capitalize on both the election and crypto crazes.
PRES, however, is performing worse than TRUMP as the 1702nd-highest valued coin on the market. (Remember that TRUMP is ranking below 1,000 at the moment.) PRES also has a lower value of $0.007824 USD and 24-hour trading volume of just over $3,000. No market cap is currently available.
While TRUMP has a total supply of 12 million, the total PRES supply is over 57 billion, according to CoinMarketCap. Just like TRUMP, PRES also surged in value during Trump’s actual inauguration and again in early 2018.
The “website” for PRES leaves a lot to be desired. In fact, the website provided on the coin’s CoinMarketCap page directs readers to a paper.li page. So whoever is running this show purchased a domain for trump.2016coin.org and linked it to a paper.li account.
For this reason, it’s difficult to find out much about the coin. According to CoinMarketCap, PRES is available on Livecoin and C-CEX.
TRUMP Crypto Controversy
As you can imagine, developers and traders have some strong opinions about Trump coin.
Users on several platforms have accused the coin of being a scam. To their credit, the website and development make it seem that whoever’s behind TRUMP designed it with an intended purpose of capitalizing on the Trump presidency to launch a coin.
In some ways this could be a good thing because it helps expand crypto to people who might have never considered it before. However, it’s difficult not to question the team’s motives.
Even the pro-Trump crypto camp is split on the idea themselves: some love the idea behind the coin while others don’t appreciate that someone is profiting from Trump’s image without much transparency about the project.
One Reddit user attempted to discredit the TRUMP operation two years ago alleging that the website’s LLC claim was fake and that all of the listed team members weren’t real. Another user fired back with a link to a Virginia LLC document and references to one Jason Bobbitt.
At the end of the day, you really can’t tell what’s going on with the TRUMP team behind the scenes so you have to take it for what it is: a novelty coin.
Should You Buy Trump Coin?
Probably not. Even if you want to support Trump, you can’t be sure the funds are going to go anywhere real. Since there isn’t a blog or any real information on the website, you have no idea what’s going on after you click “buy.” Not to mention, the chaos on the threads is very unsettling for serious traders and developers.
Do you feel like playing around with a few dollars you can stand to lose? Well, make sure to keep the 2020 election on your mind so you can buy low and sell high. If trends continue, landmarks during the 2020 election could send the price of TRUMP up high enough to earn something substantial.
Everyone else, however, should look for some other altcoins better deserving of their money and effort.