On the evening of January 17, local time, President-elect Trump of the United States announced the launch of his personal cryptocurrency, which caused a huge response in the cryptocurrency market.
The price of this cryptocurrency called Trump has soared. According to CoinGeko data, the market value exceeded $3 billion just one hour after the coin was issued. The price continued to rise the next day, and the fully diluted market value once exceeded $80 billion. According to the data from the Forbes rankings, if the price of Trump coin rises to $270, Trump will become the richest man in the world.
Later, on the evening of the 19th, local time, Melania Trump also issued her "First Lady Coin", and the market value soon exceeded $10 billion. As of press time, both currencies have fallen back a lot.
Compliance disputes after the issuance of coins
With the rapid rise in prices, Trump coin investors have reaped huge returns from the rapid price increases. People on X continue to show off their gains, and countless millionaires have appeared overnight. David Sacks, the new head of cryptocurrency policy appointed by Trump, said, "The reign of terror against cryptocurrencies is over, and the beginning of American crypto innovation has just begun."
At the same time, some people worry that the connection between political power and the cryptocurrency market will bring more serious consequences. Cryptocurrency executives spent an unprecedented $130 million for the 2024 election, which has raised questions about the industry's control over regulators. And the sharp fluctuations in the price of Trump coins within 48 hours of its launch and the subsequent decline also confirmed the industry's concerns.
Nick Tomaino, a cryptocurrency venture capitalist, said, "Trump owns 80% of Trumpcoin and launched the product a few days before the inauguration. This is predatory and many people may be hurt by it."
Other critics say that Trumpcoin may become a dangerous way for special interest groups to try to buy the president's influence. Anthony Scaramucci, former Trump White House communications director, said on X: "Now anyone in the world can deposit money into the bank account of the President of the United States with just a few clicks of the mouse."
With the news that Trump and his wife released cryptocurrency, this event has not only attracted widespread attention in the market, but also triggered discussions about its security and compliance. Since the cryptocurrency market is still in a stage of continuous development, the relevant legal framework and regulatory policies are not yet fully clear. Therefore, how to ensure that these newly released tokens can be traded and operated within the legal and compliant framework is an urgent problem that needs to be solved.
Beosin KYT already supports Trump currency query
In addition, there is another winner hidden under the hot trading of Trump currency, that is Solana. Trump currency and Melania currency are both released based on the Solana platform. As a high-performance public chain, the Solana ecosystem is growing, and more and more funds are entering the Solana ecosystem to participate in various trading activities.
Currently, the Beosin KYT system has fully supported the query function of Trump currency. This move 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 helps users ensure that trading activities comply with international financial regulations, reduce potential risks, and further promote the healthy development of the blockchain industry by monitoring the transaction flow of Trump currency in real time.
Add Trump currency to Beosin KYT
Beosin KYT performs risk assessment of a phishing address based on Trump currency
Beosin KYT has been updated for Solana's account design. Based on blockchain big data analysis technology and advanced AI technology, through billions of address tags and black address libraries, it can identify any suspicious transactions on the Solana chain, conduct comprehensive risk assessments, and identify the risks of on-chain relationships, helping exchanges and Solana ecological project parties build KYT and continuous address risk assessment capabilities.
Written in the end
The events of Trump and his wife releasing cryptocurrencies one after another have not only demonstrated the potential of the crypto market, but also aroused widespread attention and doubts. With the rapid response of the market, the prices of Trumpcoin and Melaniacoin have soared, which undoubtedly proves the huge appeal of cryptocurrencies as emerging investment assets. However, the security and compliance issues that come with it cannot be ignored. How to ensure that these tokens can be traded and operated within the legal framework and avoid illegal behavior or market manipulation has become the focus of industry attention.
With the continuous development of the cryptocurrency market and the gradual improvement of relevant regulatory policies, ensuring the security and compliance of tokens will be an essential responsibility of every crypto project. The rapid development of cryptocurrency is inseparable 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 flourish in a healthier and more orderly environment.
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