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Many crypto influencers and financial analysts have characterized the TRUMP memecoin launch as a new era for capital formation.
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Google search volumes for the terms “buy crypto” and “buy Solana” (SOL) have surged amid the Official Trump (TRUMP) memecoin frenzy, as the buzz generated from the President-elect’s Solana-based meme token pulls in non-crypto natives.
According to Google Trends, which ranks search volume on a scale of 0-100, with 100 being the highest search volume, both terms have surged to 100.
Additionally, search volumes for the terms “Coinbase” and “crypto app” also surged to 100 amid the speculative hype.
The launch of the TRUMP memecoin by the incoming President of the United States and the ensuing meteoric price rally sent shockwaves through the crypto world, which garnered a range of reactions from market participants.
Google search volumes for “buy crypto” and “buy Solana.” Source: Google Trends (Buy Solana), Google Trends (buy crypto)
Related: What the release of Trump’s memecoin signals for crypto regulations
President Trump’s memecoin skyrockets and captures headlines
Official Trump launched to initial skepticism from traders, who questioned the authenticity of the memecoin due to the presence of several knock-off Trump-themed tokens.
“My NEW Official Trump Meme is HERE! It is time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR TRUMP NOW,” the President-elect wrote on X.
Traders questioned whether the message was the result of a social media hack. However, members of the Trump team later confirmed the authenticity of the memecoin — sending the token’s price soaring.
According to data from CoinMarketCap, TRUMP has a fully diluted value of approximately $67 billion and is currently trading at around $67 per token at the time of this writing.
The memecoin has a maximum supply of roughly 1 billion tokens, with 200 million tokens already in circulation.
TRUMP memecoin price action. Source: CoinMarketCap
TRUMP’s historic price rally also caused a corresponding rally in Solana’s native asset, SOL — taking the altcoin to new all-time highs of $270 per coin.
Market analyst and co-founder of the BitMEX exchange Arthur Hayes is targeting a fully diluted value of $100 billion for the token by the time of the Trump inauguration on Monday, Jan. 20, 2025.
Hayes added that memecoins theoretically have the potential to bring political accountability onchain and announced he will release an essay exploring the topic.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Magazine: 5 real use cases for useless memecoins
This article first appeared at Cointelegraph.com News
