US President Donald Trump Launched his very own meme coin TRUMP a couple of days before his inauguration. Just days after he was sworn in, the value of his meme coin, which he introduced on January 17, surged from less than $10 to as high as $75.35, with a market capitalization of nearly $15 billion. Amidst this, the community was looking deeper into the project. Several revelations took the front stage. While some were frowning at Trump’s 80% stake in the coin, a few others were highlighting the retail investment it has brought into the cryptocurrency industry.
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TRUMP Coin: A New Gateway For Investors?
According to recent statistics presented by the prominent firm Chainalysis, a staggering 50% of TRUMP and MELANIA holders previously haven’t purchased a Solana (SOL) based cryptocurrency. This highlights the success of both these tokens in bringing in new audiences to the Solana ecosystem. In addition to this, nearly 47% of buyers reportedly created their wallets on the very same day they purchased the tokens. This further indicates the appeal that TRUMP and MELANIA coins have had on new crypto users.
This wasn’t all. After digging deeper into this presidential ecosystem, it was found that 83.4% of holders held less than $1,000 worth of Solana assets. This signifies the emergence of smaller retail investors rather than established whales in the market. While newer assets attract increased whale activity, TRUMP & MELANIA seem to be garnering more organic growth.
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How Is The Meme Coin Faring Now?
Throughout the past seven days, TRUMP has surged by over 450%. Sadly, during the time of writing, the meme coin was trading at a low of $37.04. This was due to a massive drop of 13.39% over the past 24 hours. While the asset is currently on a downtrend, the community is sure that it will reserve this trend in no time.
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