On January 18, 2025, there was a notable occurrence in the cryptocurrency world as the “OFFICIAL TRUMP” ($TRUMP) memecoin debuted on the Solana (SOL) blockchain. In just under one day, its value skyrocketed by more than 300%.
OFFICIAL TRUMP becomes top 30 crypto overnight
Donald Trump unveiled his new digital currency through posts on Truth Social and another platform, sparking a frenzy of activity that dominated news headlines and captured the interest of traders across the globe.
In a mere three hours after its debut, TRUMP’s total market worth skyrocketed to an astounding $8 billion, positioning it among the top 30 digital currencies globally. Currently, TRUMP’s market capitalization stands at approximately $5.7 billion, while its fully diluted market value amounts to a sizable $28.5 billion.
This swift increase was driven primarily by a significant threefold increase in worth soon after its launch, followed closely by trading volumes nearing the billion-dollar mark.
Launching TRUMP significantly influenced the Solana system, as the token constructed within Solana drew significant focus from traders interested in creating memecoins. This focus led to a substantial increase in trading volumes.
As a researcher studying cryptocurrency markets, I observed an impressive surge in the value of Solana’s native token, SOL, reaching unprecedented heights above $270 on that particular day, setting a new record high for its price history.
This leap is associated with a wider development that has seen heightened attention towards Solana-backed meme tokens and DeFi projects, causing a redistribution of liquidity away from platforms such as Ethereum. Notably, some well-known meme coins on Ethereum have experienced drops in value due to this shift in focus.
Additionally, the value of Solana’s token (SOL) has surged relative to Ethereum (ETH), reaching an unprecedented peak of 0.081. This significant increase is primarily attributed to the debut of the TRUMP memecoin.
80% of TRUMP owned by one wallet
As a crypto investor, I must admit that the launch of the TRUMP coin was met with a fair share of debate and uncertainty. Given Trump’s history of unconventional business endeavors, there were valid concerns about the project’s legitimacy. Add to that the potential vulnerability of his social media accounts and the concentration of 80% of the tokens in a single wallet – it all raised eyebrows. It was a launch fraught with questions and doubts.
Arkham Intelligence noted on X:
Donald Trump’s net worth is up $22 billion overnight, assuming CIC Digital LLC and Fight Fight Fight LLC, which collectively own 80% of the $TRUMP supply, effectively belong to him.
What’s more, at the current price of around $28, that stake is worth $22.4 billion.
“Forbes estimated the President-elect’s net worth at $5.6 billion in November 2024,” adds Arkham.
If this is accurate, the addition of the memecoin stake would be a 5x increase.
As a Solana investor, I can’t help but acknowledge that the recent event served as a major milestone for our chosen cryptocurrency. The sheer volume of trading it handled and the interest it garnered from top-tier projects is undeniable evidence of its robustness and allure.
Discussions about the launch have also brought up concerns regarding the impact of popular meme coins on the overall crypto market’s instability, emphasizing the uncertain and volatile character of cryptocurrency transactions.
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2025-01-19 00:08