- Within 60 hours of its inception, the memecoin had risen by more than 300% and reached a FDV of $70 billion.
- Memecoins garnered 30.67% of the attention in 2024, making them the most popular crypto story.
During the weekend before his inauguration, President Trump’s associated memecoin $TRUMP was the talk of the cryptocurrency world and beyond. Late Friday, Trump revealed the Solana-based memecoin via his Truth Social and X accounts.
The post read:
“My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community.”
Within 60 hours of its inception, the memecoin had risen by more than 300% and reached a fully diluted valuation (FDV) of $70 billion. Even though the market has already recovered some of its gains after the inauguration, $TRUMP is presently ranked 29th by Coingecko metrics and has a $6.8 billion market value.
Across the financial market and cryptocurrency divide, this development has generated both excitement and criticism. Supporters of the move contend that it is a positive indication of the Trump administration’s commitment to fostering innovation in the crypto space, while opponents worry about the blurring of the boundaries between Trump’s personal projects and his position as president.
Both sides have good points, of course, but if you’ve been watching the cryptocurrency scene for a while, you’re surely be aware that $TRUMP is revolutionizing the memecoin market. First lady Melania also revealed her memecoin, albeit it hasn’t done as well as $TRUMP’s. This is the first time in history that a sitting president has created a memecoin.
A Favourable Era for Memecoins
Memecoins garnered 30.67% of the attention in 2024, making them the most popular crypto story. The other 19 segments split the remaining interest.
Interest in this market has grown even more since the launch of $TRUMP; recent statistics from Chainalysis show that 50% of buyers of $TRUMP and $MELANIA have never bought an altcoin on Solana. Actually, on the day of the purchase, 47% of the customers created a wallet.
Source: Chainalysis
Among the causes is the impact of individuals such as President Trump. More significantly, his administration had promised to establish “America the crypto capital of the world.” As the SEC Chair, Gary Gensler is already thrilled about the opportunity to make room for Paul Atkins, a crypto enthusiast.
Additionally, an executive order recently issued by the president of the United States will encourage the prudent expansion of the digital asset sector.
A part of the order read:
“The digital asset industry plays a crucial role in innovation and economic development in the United States, as well as our Nation’s international leadership. It is therefore the policy of my Administration to support the responsible growth and use of digital assets, blockchain technology, and related technologies across all sectors of the economy.”
The United States is anticipated to start the process of creating a government regulatory framework to direct developments in the digital asset field when this order is in effect. One of the most important parts discusses the formation of the President’s Working Group on Digital Asset Markets, which will be crucial in putting forth the legal framework and performing other duties including assessing the feasibility of building a national digital asset stockpile.
With memecoins better positioned to draw in a broader spectrum of investors, these regulations are probably going to benefit the broader cryptocurrency market.
Which Memecoins Will Ride the Trump Wave?
In terms of speculative narratives, it is very obvious that memecoins that have gained popularity have some “wow” factor behind them.
This is the case with Elon Musk’s “mentioned” memecoins, including DOGE and LADYS, and the $TRUMP, which is just a month old. Since Musk posted a picture of a Milady along with the lines, “There is no meme. I love you” the latter has increased by more than 9600%. Despite having nothing to do with the Milady NFT project, the tweet caused a sharp increase in LADYS value.
Some examples that are likely to follow the Trump trend are these memecoins, but why exactly? First of all, Elon and Trump will both play important roles in the next U.S. government; any action they do might set off a chain of speculative events. What better way to join the culture than by buying the “affiliated” memecoins?
It’s also expected that pioneer memecoin ventures will flourish well, particularly those with animal or internet culture themes like Mog Coin, Popcat, and Shiba Inu.
Given that the overall value of the cryptocurrency market is almost surpassing the $4 trillion mark, the current memecoin market cap of $115 billion indicates that there is still a lot of space for development. Bias against memecoins is likely to lessen now that Trump is in office, drawing a significant amount of funding from other cryptocurrency niches that are receiving less attention.
Conclusion
Since Elon Musk began making jokes about DOGE, the memecoin ecosystem has advanced significantly. Musk isn’t the only one influencing memecoin price swings these days; President Trump and other powerful individuals are also embracing the trend.
This precedent will probably pave the way for the next wave of memecoins, where personality cults will be utilized to generate financial gains through the memecoin market in addition to their social value.
It will be fascinating to see how important memecoins like Shiba Inu, DOGE, LADYS, PEPE, and TRUMP respond to the upcoming legislative changes in the United States. Will they reap the greatest rewards? Time will tell, but based on current trends, the memecoin sector is expected to see significant growth during Trump’s second term.
