Overview

The TRUMP memecoin has emerged as a noteworthy player in the cryptocurrency landscape, initially boasting a market cap exceeding $10 billion shortly after its launch. Despite significant buzz, the overall cryptocurrency market cap has remained unchanged around $3.5 trillion.

Key Points

• The TRUMP token’s market cap peaked at over $10 billion within its first day, but has now settled around $5.3 billion.
• The token’s popularity did not translate into new investments in the broader market.

Insights

Garrison Yang, co-founder of Mirai Labs, noted in an email:

“While $TRUMP is now worth billions, the total crypto market cap has barely moved. And while it was exciting to state that 400,000 users were onboarded, it appears this was more about attracting attention than actual new investments.”

Yang further commented:

“The actual liquidity entering the market was minimal and primarily involved shifting existing funds rather than new capital.”

Additional Research

According to Chainalysis, around 50% of token holders for TRUMP and the MELANIA token were likely first-time buyers of Solana-based tokens.

TRUMP market cap versus total crypto market cap.

This analysis highlights the complexities of market dynamics in the cryptocurrency space, where headlines do not always reflect underlying investment activity.