TL;DR

Several online retailers and Travala have supposedly started accepting Trumps meme coin, expanding its use beyond speculation. TRUMP surged past $70 but has since dropped 64% to around $26, with critics like Balaji Srinivasan and Mark Cuban questioning its legitimacy.

TRUMP Receives Further Support

Donald Trump made huge waves in the crypto world by launching his own meme coin. The token in question is called Official Trump (TRUMP), and it saw the light of day on January 18. 

According to a recent Bloomberg report, several online retailers selling Trump-themed merchandise have accepted the asset as a payment method. Those include GetTrumpWatches.com, GetTrumpFragrances.com, and GetTrumpSneakers.com.

Prior to that, Travala a blockchain-based travel booking platform that enables clients to pay for vacations, hotels, and flights in cryptocurrencies also embraced TRUMP. 

NEW INTEGRATION ALERT:$TRUMP is now live on Travala!

You can now book hotels, flights, and fun activities around the world and pay with $TRUMP ✈️

Who’s ready to travel like a boss with @realDonaldTrump? pic.twitter.com/g8AoTmoyCx

TRUMP Price Outlook

The meme coin experienced a spectacular price explosion mere hours after going live. Its price exceeded $70, while its market capitalization surged past $14.5 billion. Thus, it briefly surpassed Shiba Inu (SHIB) to become the second-biggest meme coin.

In addition, the price explosion allowed savvy traders to make multi-million profits overnight due to entering and eventually exiting the ecosystem at the right time.

Ever since Trumps inauguration, though, the token has been in serious decline. It currently trades at around $26 (per CoinGeckos data), representing a 64% decline from the peak. The market cap has fallen below $5.5 billion, making TRUMP the third-largest in the meme coin niche with a slight lead over Pepe (PEPE).

TRUMP Price, Source: CoinGecko While many industry participants believe it could enter a new bull run soon, others have criticized its existence. Balaji Srinivasan (the former CTO of Coinbase) claimed that such assets only damage the reputation of the industry instead of legitimizing it.

The American billionaire Mark Cuban shared a similar thesis, arguing that the introduction of Trumps meme coin is nothing but harmful to the cryptocurrency sector.

This is the biggest bunch of self-serving Bullsh*t I have ever heard. In your world, there is no ownership. Just speculation, he said.