On Friday, 18th January 2025, President-elect Donald Trump shocked the leaders of the crypto industry by introducing a cryptocurrency or a so-called Trump meme coin three days before his inauguration as the new president. The newly launched cryptocurrency has brought a storm in the crypto market by attracting billions of dollars of investment. After the launch of the digital token on Friday, the Solana-based Trump meme coin was found to be trading from as low as $7 to as high as around $75 in the short course of time.
As a result, the market capitalisation of the meme coin has been seen to touch around 15 billion dollars on 19th January, 2025. However, as per the data of the cryptocurrency tracker Coinmarketcap, the current trading price of the Trump meme coin has decreased to $37.50 while the market capitalisation stood at 7.49 billion dollars as of the morning of 23rd January 2025.
Generally, meme coins, one form of cryptocurrency such as Hawk Tuah token and Dogecoin, originated from memes or in-jokes, but the Trump meme coin has been designed with the crucial real-world event, which is the return of Donald Trump to the presidency of the United States for the second time. As per the official website, the meme coin is the symbol of winning and a celebration of courage, strength and fun.
The project’s website also revealed that around 80 per cent of the supply of the token was owned by Trump-linked companies and the total value touched 70 billion dollars as the highest. On day one, the number of available Solana-based Trump meme coinswas 200 million and has the target to reach the circulation of 1 billion meme coins over three years. The tokens are scheduled to be released by the respective group over three years.
Launch of Melania meme coin
On January 20, 2025, before the inauguration of Donald Trump as the president, the crypto market witnessed a new cryptocurrency,$MELANIA. Through a post on her X account, Melania Trump introduced her own meme coin, saying, “The Official Melania Meme is live! You can buy $MELANIA now.” However, there is no such name specified responsible for the allocation of the meme coin. Like Trump’scryptocurrency, Melania’scryptocurrency also gained significant popularity in the crypto market, especially in the first few days of its launch.
Similar to the Solana-based Trump meme coin, the value of the $MELANIA token is also found to be skyrocketed and has reported a growth of an exceptional 12000 per cent within 24 hours of its launch. The highest market capitalisation which is attained by Melaniacryptocurrency is around 2 billion dollars. The current circulating supply of the Melania meme coin is 471.23 million. However, the current market cap of the Melania token has declined to 1.55 billion dollars, with a trading price of 3.29 dollars.
Anyone around the world can purchase the new meme coins on exchanges. Apart from investment purposes, some of the other possible reasons for purchasing these digital coins include expressing fandom, seeking attention from Trump or for speculation. The entering of the Trump family into the crypto market has led to a significant increase in the wealth of the current US president, Donald Trump, leading him to become one of the richest people in the world. According to Coinmarketcap, as of 23rd January, $TRUMP is in 25th position among the top cryptocurrencies while $MELANIA is in 69th position.
Broader impact on the cryptocurrency market
The launch of the Solana-based meme coins by Donald Trump and Melania Trump within a short span of time period especially when Donald Trump is in the headlines for returning back as the president, has created a great impact on the big players of the crypto market. The prominent existing big players,Bitcoin and Ether both adversely impacted, while the other recognised players, such as Tether, XRP also hit hard because the new presidential tokens gained more attention from traders at the weekend.
However, Solana has been seen to perform better over the weekend in comparison to the other top cryptocurrencies in the market. The Trump meme coin is also using the Solana based blockchain platform. As of 23rd January 2025, the total global crypto market capitalisation has hit 3.5 trillion dollars, a decrease of 3.71 per cent from the last 24 hours.
Bitcoin-
In the crypto market, the biggest cryptocurrency is Bitcoin. As of 23rd January, Bitcoin is priced at 101,634.29 dollars which is a decline of around 3.14 per cent from the previous day. On the other side, the market cap of Bitcoin has also dropped by 3.23 per cent leading to the attainment of approximately 2.01 trillion dollars.
Ethereum-
Ethereum is regarded as the second top cryptocurrency in the crypto world. Both the trading price and market cap of Ethereum have decreased by approximately 3.03 per cent from the last 24 hours as of 23rd January. The numbers are, respectively, 3,207.12 dollars and 386.46 billion dollars.
Solana-
As of 23rd January, Solana cryptocurrency is trading at the price of 242.70 dollars, which leads to a market cap of around 118.1 billion dollars. However, a more than 7 per cent drop has been observed in the market cap and trading price of Solana.
The debate around the Trump meme coin
The sudden launch ofSolana-based$TRUMP and $MELANIA tokens has created both opportunities as concerns, as described by the market observers. Trump meme coin has been highlighted as the new digital gold by some economists, which has created investment opportunities and made profitability. However, some analysts have described these coins as speculative assets as they are subject to large fluctuations in the crypto market. Therefore, these should not be considered as sound investments. Some critics have shown their concerns that these tokens can pose a national security threat as a large amount of the token can be bought by foreign agents, and the threat to crash the price of the token could come through selling them off.
FAQ
1. What is the meme coin?
Generally, the meme coins, one form of cryptocurrency such as Hawk Tuah token and Dogecoin, originated from memes or in-jokes, but the Trump meme has been designed with the crucial real-world event, which is the return of Donald Trump to the presidency of the United States for the second time.
2. How much did the Trump meme coin rise in value?
After the launch of the digital token on Friday, the Solana-based Trump meme coin was found to be trading from as low as $7 to as high as around $75 in the short course of time. As a result, the market capitalisation of the meme coin has been seen to touch around 15 billion dollars on 19th January, 2025.
3. What is the total supply of the Trump meme coin?
On day one, the number of available Solana-based $TRUMP is 200 million and has the target to reach the circulation of 1 billion meme coins over three years. The tokens are scheduled to be released by the respective group over three years.The Trump meme coin is also using the Solana-based blockchain platform.
4. How can people buy Trump and Melania meme coins?
Anyone around the world can purchase the new meme coins on exchanges.
5. Are meme coins considered good investments?
Some analysts have described these coins as speculative assets as they are subject to large fluctuations in the crypto market. Therefore, these should not be considered as sound investments.
