The majority of the crypto community is pinning their hopes on the incoming administration of President Donald Trump to be a game changer for the industry. Much of this optimism is due to promises made during his campaign, which many believe usher in a new era of crypto adoption and innovation-friendly policies. I believe that.
Although the administration has not yet officially taken office, recent market trends are a preview of the excitement it could bring to the industry. This preview comes in the form of Donald Trump’s newly announced meme coin, “OFFICIAL TRUMP,” which has garnered a wave of enthusiasm comparable to the 2021 bull market. This coin not only made headlines, but also raised questions about the future of the industry from here.
Trump Coin’s record-breaking debut
On January 17, 2025, Donald Trump made a surprise announcement on social media platform X, revealing the release of $TRUMP, a meme coin tied to his name and legacy.
According to Memecoin’s official website, Memecoin was created on July 13, 2024 to honor President Trump’s “courage and strength.” There was initial skepticism about the legitimacy of $TRUMP, but official confirmation soon came and investors started buying. A large amount.
Launched on the Solana network, meme coins were quickly listed on major cryptocurrency exchanges such as Bybit, KuCoin, and Bitget. This caused its value to rise significantly in a matter of hours, rapidly rising the ranks of cryptocurrencies in terms of market capitalization.
Several crypto analysts have expressed concerns over the allocation of meme coins, as 80% of the $1 billion TRUMP tokens created were allocated to issuers. However, this was not enough to deter buyers, and crypto investors, both old and new, continued to flow in.
At the time of writing, Trump’s official meme coin is trading at $42.2, with a market cap of $9.39 billion, a fully diluted value of $46.93 billion, and a 24-hour trading volume of 11.24 billion. It’s dollars. The scale of these numbers is unprecedented, and Memecoin has officially broken previous records for trading activity and volume for newly launched cryptocurrencies.
Bitcoin is currently trading at $104,369. Chart: TradingView
Memecoin has also sparked demand for its parent blockchain, Solana. As a result, Solana’s price has increased by double digits in the past 24 hours and is currently trading at an all-time high of over $275.
Where is the virtual currency industry headed in the future?
It was unprecedented for a US president-elect to create a meme coin, but it definitely shows Trump’s positive attitude towards cryptocurrencies. As such, the impact of $TRUMP’s launch is expected to extend beyond its immediate success. It could be the much-needed primer needed to regain bullish momentum like the 2021 bull market.
The launch of memecoin also highlighted the growing relationship between politics and cryptocurrencies. Recent discussions about creating a Bitcoin reserve and prioritizing US-based digital currencies such as Solana and XRP have further highlighted the role digital assets will play in shaping monetary policy under President Trump’s leadership.
Interestingly, the success of memecoins has not taken away from Bitcoin’s current rally. Major cryptocurrencies continue to rise above $100,000 with inflows into President Trump ($TRUMP).
Featured images are from Axios, charts are from TradingView
