$TRUMP Meme Coin Hits $11 Billion Market Cap, Outshines Bitcoin and Ethereum Amid Market Volatility
Donald Trump’s meme coin known as $TRUMP was launched on the 18th of January, has stormed the crypto market and gained tremendous investors’ attention. Today, the $TRUMP is valued at $60 which is 64% higher than the previous value despite having hit a high of $75. Having a nearly $11.74 billion market capitalization, the coin has quickly become popular.
The appearance of Trump-style meme coins has brought changes to the rest of the cryptocurrency market, for example, a sharp decline in Bitcoin, Ethereum, and Solana. However, Solana, the blockchain where the Trump coins are stored, fared comparatively better than the rest of the top cryptocurrencies during this downturn.
A Major Boost to Donald Trump’s Wealth
Since the launch of $TRUMP, it has been seen that the net worth of Donald Trump has boosted and he has become one of the richest personalities all over the world. The value of $TRUMP rose to as high as $15 Billion and has now declined to nearly $10 Billion. By Jan 19, the circulated Melania Trump’s cryptocurrency dubbed $MELANIA hit a trading capitalization of $1.62 billion.
Some reasons behind the increase in the price of $TRUMP were increased volume in trading and increasing popularity of the token among investors. The fluctuating nature of the coin is indicative of the speculative attitude of many crypto investors ready to try their luck at participating in the popularity of the Trump meme coins.
Bitcoin and Ethereum Declines Amid Trump Coin Surge
The introduction of Trump’s meme coins has caused significant turbulence in the cryptocurrency market, particularly for the two largest cryptocurrencies: Bitcoin and Ethereum. The market capitalization’s frontrunner to cryptocurrency, Bitcoin suffered a 2.71% drop and closed at $102,115.37.
Ethereum also slumped down by 06.7% and was trading at $3,273.32.These declines contributed to a general downturn in the market regarding cryptocurrencies around the globe which experienced a reduction in its market capitalization to 3.49%.
Nonetheless, the trading volumes of Bitcoin and Ethereum still spiked even with the reductions in the prices. Bitcoin’s daily trading volume increased by 80.95% while Ethereum’s trading volume increased by 90.52%. That is, despite the prices of the associated cryptocurrencies have declined, there is an increase in the level of trading activity, which may relate to shifts in the market after the appearance of the Trump meme coins.
Solana Benefits from Hosting Trump’s Meme Coins
Solana, the platform that supports Trump’s meme coins came out worse but did not experience such a significantly dramatic drop as the other leading crypto platforms. The graph indicates that Solana had a price of $244.44 per coin today, which was 9.23% less than yesterday. Solana’s market cap was reported to be at $118.94 billion, down by 9.51%. But Solana’s 24-hour trading volume increased by almost 50%, proving that investors are now turning their attention to the blockchain because of the Trump tokens.
Solana has also endured some price fluctuations, however, its involvement in hosting $TRUMP and $MELANIA coins has ensured somewhat of a more stable run than Bitcoin and Ethereum. The relationship between the Trump family and the cryptocurrency market may help Solana gain more attention and demand in the following months because of the growth of interest in meme coins.
