The searches for buying cryptocurrency and specifically Solana (SOL) have significantly increased due to the hype surrounding Trump’s memecoin, which has driven interest in Solana from people who are not already familiar with the crypto world.
Based on Google Trends’ data, which measures search popularity on a scale from 0 to 100 (higher values indicating more searches), both terms are currently experiencing peak search activity, reaching maximum levels at 100.
Furthermore, searches for the phrases “Coinbase” and “cryptocurrency app” skyrocketed to 100 during the period of excitement surrounding speculation.
The upcoming U.S. President’s introduction of the TRUMP memecoin led to a sudden surge in its value across the cryptocurrency landscape, causing a variety of responses among market investors.
President Trump’s memecoin skyrockets and captures headlines
Initially, Traders showed doubt towards the legitimacy of the memecoin introduced by Trump, as they were concerned about the existence of multiple imitation Trump-branded tokens in the market.
I have just released a fresh OFFICIAL meme featuring Donald Trump! Let’s commemorate our shared values: VICTORY! Be a part of my unique Trump Circle. Secure YOUR TRUMP MERCH right away,” the President-elect posted on X.
There was speculation among traders that the post might have been due to a social media intrusion. Later on, individuals from the Trump team verified the legitimacy of the meme-coin, causing its value to skyrocket.
As reported by CoinMarketCap, the fully diluted market cap of TRUMP stands at roughly $67 billion, with each token priced at approximately $67 during the time this text was created.
As a crypto investor, I’ve taken notice of this memecoin that boasts a total minted supply of approximately 1 billion units, with around 200 million of those already circulating within the market.
The impressive surge in prices led by Trump also propelled Solana’s native token, SOL, reaching unprecedented peaks. This digital currency hit record-breaking heights of approximately $270 per coin, marking a significant milestone.
Arthur Hayes, market analyst and co-founder of BitMEX exchange, aims to reach a total valuation of $100 billion (when all shares are taken into account) for the token by January 20, 2025 – the date of Donald Trump’s second inauguration.
Hayes also mentioned that meme-based cryptocurrencies, in theory, could facilitate on-chain political accountability. He plans to publish a paper delving into this subject matter further.
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2025-01-20 00:30