South Korea’s Bithumb to Launch $TRUMP Trading for 53k Won

Bithumb, South Korea’s second-largest cryptocurrency exchange, has announced that it will launch trading for the $TRUMP meme coin on its platform, with an initial base price set at 53,350 won (approximately $37). The official Trump meme coin will be available for trading starting from January 21, 2025, at 19:00 KST. However, traders will be able to begin depositing and withdrawing the token an hour earlier, at approximately 18:36 KST. As of the announcement, there have already been 20 deposit confirmations lodged on Bithumb for $TRUMP.

The Solana-based $TRUMP coin has been launched amidst a surge in demand within the crypto market. Although it initially saw a strong performance, reaching a market cap of over $10 billion within hours of launch, it has since experienced a significant pullback. Currently, its market capitalization stands at $7.8 billion, and the token is ranked 28th in the crypto market by market cap. Despite this dip, $TRUMP continues to attract attention, with a 24-hour trading volume surpassing $19 billion.

Fluctuating Prices and Market Activity

Since its launch, $TRUMP has experienced notable price fluctuations, ranging between $31.58 and $58.55 within the past 24 hours. As of now, its price is approximately $39.63, reflecting a decrease of more than 30% in the last 24 hours of trading. The token’s fully diluted valuation is nearing $40 billion, highlighting its significant market presence despite recent volatility.

Bithumb’s Role and Trading Restrictions

Bithumb will be the first South Korean exchange to list the official Trump meme coin, and it follows other major platforms, such as Coinbase, Binance, and Robinhood, which have already listed the token. To manage potential volatility during the initial trading period, Bithumb has announced that buying and selling orders for $TRUMP will be restricted for 5 minutes if the price deviates by more than 10% below or 100% above the standard price. Automatic orders will only be permitted after the first transaction, helping to stabilize the token’s price as it begins trading.

As more exchanges follow suit and the $TRUMP meme coin gains global exposure, it will be interesting to see how its market dynamics evolve. The coin’s launch on Bithumb marks a significant milestone for the meme coin, as it continues to capture the attention of crypto enthusiasts worldwide.