President of the United States Donald Trump has shown support for the idea that his official Memecoin reflects public opinion about his leadership.
In a social post on the truth of social media platforms, Trump shares Newsmax articles, discussing how his official cryptocurrency tokens can serve as a measure of political momentum, reflecting the views that several crypto industry figures share.
The president may recognize his memo coin as a success barometer, but the market performance of the tokens draws a more calm picture when used as an emotional meter.
At the time of writing, his official Trump (Trump) memo coin was trading at $10, a decline of 85% since his all-time high of $73 in January. The $520 million token lock scheduled for July is unlocked, which could result in more downward pressure.
Trump Token sets $520 million unlock
According to Onchain data (previously unlocked tokens), edited by Tokenomist, only 26.48% of the total supply of card tokens has been unlocked, with 73.52% (approximately 735 million tokens) still not in circulation.
On July 18th, Trump tokens will appear in the market, reaching 25% of current distribution supply. Tokenomist data shows that over $520 million tokens will be unlocked.
Many tokens that collide with the market could put further downward pressure on token prices, especially if demand does not expand in parallel.
Beyond the unlock, on June 7, Trump’s son Eric Trump announced plans to use Trump-backed Crypto Company World Liberty Financial to strengthen market trust, and WLF will win a “substantial amount” of Memecoin tokens.
The token price was not significantly responsive, so commentators say it is “not a good sign.”
Ultimately, whether investors will absorb future unlocks or respond to market divestments could indicate broader political enthusiasm for Trump’s leadership.
Related: “Absolute Chaos” Trump Memocoin Wallets are now inevitable that families are starting up
MemeCoins as a public sentiment measurement tool
Using MemeCoins as a tool to measure public sentiment is nothing new. Yat Siu, co-founder of Animoca Brands, previously told Cointelegraph that the rapid rise in Trump tokens was due to hype and novelty.
However, executives said in the long run it reflects Trump’s broader attitude towards the presidency.
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