Over the weekend before President Donald Trump's inauguration, the $TRUMP memecoin became the centerpiece of crypto discussions. Within 60 hours of its inception, the memecoin had risen by over 300% to a fully diluted valuation of $70 billion.
Rapid Growth in the Memecoin World
$TRUMP quickly ranked 29th according to Coingecko metrics, with a market value of $6.8 billion. Support for innovations in the crypto space generated enthusiasm and criticism alike. Advocates see it as a positive innovation step, while critics worry about blurring lines between personal projects and public interests.
The Era of Memecoins: $TRUMP and Opinion Leaders
Memecoins captured 30.67% of attention in 2024, becoming the most popular crypto narrative. Interest surged with $TRUMP's release, capturing investors' attention, including newbies on Solana creating their first wallets. Influential figures like Trump have pledged to make the US a crypto capital. Recent US administration initiatives aim to support the responsible expansion of digital assets.
The Future of Memecoins: Influenced by New Political Realities
Memecoins gain traction thanks to notable figures like Elon Musk. Projects like DOGE and $TRUMP benefit from celebrity endorsements. Anticipation suggests such initiatives will contribute to further interest and solidify their standing in the crypto market. It remains to be seen how these coins will respond to potential legislative changes in the US.
The memecoin market is drawing increased attention due to the multifaceted influence of notable figures in the crypto community. This indicates the significant role memecoins will play in the future crypto market, particularly in the context of the US political landscape.
