In a world where the absurd is the new normal, the pre-inauguration Donald Trump memecoin frenzy has sent new Solana addresses soaring to heights previously reserved for the dreams of overly ambitious squirrels. Yes, you heard it right! The blockchain that once had the dubious honor of being the poster child for Sam Bankman-Fried is now the digital playground for a sitting US President. Who knew politics could be so… meme-tastic? 🤡
According to the digital asset custody service Copper.co (which sounds suspiciously like a place where one might find a very confused raccoon), the daily number of new Solana addresses reached a staggering 9 million just before Trump’s inauguration. This data, provided by the onchain analytics platform Glassnode, suggests that everyone and their pet goldfish were trying to get in on the action.
“Solana, once the pride of crypto enthusiasts, is now linked to a sitting US President,” Copper.co reported, as if that were a badge of honor rather than a sign of the impending apocalypse. Some critics argue that memes, while entertaining, aren’t the most beneficial use case for blockchain. Others, however, point out that capitalism works in mysterious ways—like a cat that suddenly decides it’s a lion. 🦁
Solana has risen to prominence in 2024, becoming the go-to network for launching memecoins. Critics may scoff at the lack of real-world utility, but let’s be honest: who doesn’t want to monetize their love for internet culture? Especially when it involves cryptocurrencies that sound like they were named by a toddler. The memecoin craze has pushed the Solana network to a jaw-dropping 100 million active wallets in October, a leap from the mere 500,000 monthly active addresses at the start of the year. Talk about a digital gold rush! 💰
The Launch of TRUMP Coin
On January 17, the Official Trump (TRUMP) memecoin launched with a total supply of 1 billion. Following a record rally over the weekend, the token’s market capitalization skyrocketed above $12 billion. That’s right, folks! A coin named after a man who once claimed he could shoot someone on Fifth Avenue and not lose any voters is now worth more than some small countries.
Despite the memecoin’s clear association with the President, Trump later admitted he was as clueless about it as a cat in a dog park. “I don’t know where it is. I don’t know much about it other than I launched it, other than it was very successful,” he said, which is a bit like a chef claiming ignorance about the soufflé they just set on fire.
Since peaking at $73.43 on January 19, TRUMP has taken a nosedive, trading around $38, according to CoinGecko. It’s almost as if the market has a sense of humor! 😂
But wait, there’s more! The Trump memecoin craze didn’t stop with the President. First Lady Melania Trump decided to join the fun, launching her own memecoin just ahead of Inauguration Day. This move attracted roughly 500,000 users within hours, according to DEX Screener. It seems the Trumps are determined to make memecoins as ubiquitous as reality TV shows.
However, some analysts raised eyebrows at Melania’s memecoin, suggesting it has the hallmarks of a “rug pull,” with nearly 90% of the token supply concentrated in a single wallet. Because nothing says “trust me” quite like a suspiciously centralized cryptocurrency! 🧐
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2025-01-22 20:47