The launch of President Donald Trump’s meme coin $Trump has brought visible volatility in the crypto market even as it has sparked ethical concerns. While the coin saw an early surge in its value, with its market cap growing to nearly $5.5 billion soon after its launch on January 17, the quick ascent followed by a sharp fall, with the coin’s value plummeting by around 50 per cent within days. 

Importantly, the criticism from market experts against the $Trump coin and first lady Melania Trump’s $Melania coin center around likely conflicts of interest, the speculative nature of such meme coins, and the inherent risk to retail investors. 

Amid these developments, the U.S. Securities and Exchange Commission (SEC) on Tuesday announced the setting up of a “crypto task force” in order to have a regulatory framework for cryptocurrencies. This initiative primarily has been taken for investor protection along with enabling innovation in the crypto market. 

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Overall, while the launch of a meme coin by a sitting US President has drawn attention in the market, it has also spotlighted the requirement for transparent regulations and ethical measures to avoid market manipulation and protect investors. 

Currently, $Trump is the 25th biggest cryptocurrency in the world in terms of market cap. As of Thursday, the coin was valued at $7.4 billion. The coin is available for purchase in India and can be bought through crypto exchanges in the country such as CoinDCX, Mudrex, CoinSwitch, Giottus, etc. 

Here’s the step-by-step guide: 

  • Choose a cryptocurrency exchange and register on it through its website or mobile app. Complete the Know Your Customer (KYC) process. This typically includes providing identification documents such as Aadhaar card, PAN card, and a recent photograph. 
  • Once the account is verified on the crypto exchange, you can deposit Indian Rupees (INR) in your crypto wallet. Exchanges generally allow deposits via net banking (IMPS), UPI, or other supported payment methods. 
  • The processing time for the amount deposited is usually done instantly or within a few hours, depending on the payment method. 
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  • Once processed, you can search for the $Trump token on the exchange and place an order. For placing the order, decide the amount of $Trump coin you want to purchase and then place the buy order. 
  • You can opt for a market order for immediate buy at the current market price or a limit order if you want to buy when the price reaches a specified level. 
  • Trading fees differ by crypto platform, ranging typically between 0.1% and 0.2% of the transaction value. You should check the fee structure of the crypto platform before buying. 
  • The tokens purchased will then be reflected in your exchange wallet.

While meme coins like $Trump, $Melania, Dogecoin, Shiba Inu, etc., are available for purchase in India, it is important to note that they are speculative and involve high risks. Moreover, it is critical to be aware of the regulatory risks. Currently, there is a flat 30 per cent tax on crypto gains and 1 per cent Tax Deducted at Source (TDS) on transactions.