The majority of the cryptocurrency community is pinning their hopes on the incoming Donald Trump administration As a game changer in this industry. Much of this optimism is due to the promises he made during his election campaign, which many believe could herald a new era of policies conducive to cryptocurrency adoption and innovation.
Although management has not yet officially begun, recent market trends have provided a preview of the excitement it could bring to the sector. This preview comes in the form of Donald Trump’s newly launched memecoin, OFFICIAL TRUMP, which has attracted a wave of enthusiasm rivaling the 2021 bull market wave. Not only did the coin make headlines, but it also raised questions about the future of the industry from here.
Record debut of the Trump coin
On January 17, 2025, Donald Trump made a surprise announcement On the social media platform Xand revealed the launch of $TRUMP, a meme currency associated with his name and legacy.
According to the meme coin Official websiteThe meme was created in recognition of Trump’s “courage and strength” on July 13, 2024. Initially, there were doubts about the legitimacy of the Trump dollar, but official confirmations soon followed and investors began buying in huge quantities.
The meme coin, which launched on the Solana network, was immediately listed on major cryptocurrency exchanges, including Bybit, KuCoin, and Bitget. This caused its value to skyrocket within a few hours and it quickly climbed the ranks of cryptocurrencies in terms of market cap.
A few cryptocurrency analysts have expressed concerns about the allocation of the meme coin, as 80% of the $1 billion TRUMP tokens generated have been allocated to coin issuers. However, this was not enough to deter buyers, whether they are old or new cryptocurrency investors I continued pouring in.
At the time of writing, Trump’s official coin is trading at $42.2 with a market capitalization of $9.39 billion, a fully diluted value of $46.93 billion, and a 24-hour trading volume of $11.24 billion. The scale of these numbers was unprecedented, and the meme coin officially broke previous records for activity and trading volume among newly launched cryptocurrencies.
The meme coin has also sparked demand for Solana, its parent blockchain. This in turn has seen Solana’s price rise by double digits over the past 24 hours to now trade at a lower level. All-time high above $275.
Where does the cryptocurrency industry go from here?
That a US President-elect created a meme coin was unprecedented, but it undoubtedly shows Trump’s positive inclination towards cryptocurrencies. As such, the impact of Trump’s launch is expected to extend beyond its immediate success. This could be the much-needed primer for a return of bullish momentum like the bullish momentum of 2021.
The launch of the meme also highlighted the growing intersection between politics and cryptocurrencies. Recent discussions about it Create a Bitcoin reserve and Give priority to US-based cryptocurrenciesCompanies like Solana and XRP have stressed the role digital assets may play in shaping financial policy under Trump.
Interestingly, the success of the meme has not affected Bitcoin’s current rally. Its leading cryptocurrency She continued on her way to the top Above the $100,000 mark along with inflows to Trump’s official account (TRUMP).
Featured image from Axios, chart from TradingView
