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The TRUMP memecoin shattered records before Inauguration Day, eventually reaching a total market cap of more than $12 billion.
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The pre-inauguration Donald Trump memecoin frenzy contributed to a record surge in new Solana addresses as users continued to flock to the meme-friendly blockchain.
According to digital asset custody service Copper.co, the daily number of new Solana addresses reached almost 9 million ahead of US President Donald Trump’s inaugaration. The figures were based on data provided by the onchain analytics platform Glassnode.
Using Glassnode data, Copper.co charted a massive surge in new Solana addresses in January. Source: Copper.co
“Solana, once seen as the poster child of [Sam Bankman-Fried], is now linked to a sitting US President,” Copper.co said in its report.
“Some argue that memes promoted by (at the time, President-elect) aren’t the most beneficial use case for blockchain. Others disagree, pointing out that capitalism works,” the report said.
Solana rose to prominence in 2024 as it became the network of choice for launching memecoins. Although memecoins are often criticized for lacking real-world utility, a charitable use case is that they let users monetize community and internet culture, especially around cryptocurrencies.
The memecoin craze pushed the Solana network to a record 100 million active wallets in October, marking a huge jump from the roughly 500,000 monthly active addresses at the start of 2024.
Related: Mark Cuban mulls memecoin to pay US debt
The launch of TRUMP coin
The Official Trump (TRUMP) memecoin launched on Jan. 17 with a total supply of 1 billion. Following a record rally over the weekend, the token’s market capitalization surged above $12 billion.
Although the memecoin was clearly associated with the president, Trump later admitted that he was unfamiliar with the token.
“I don’t know where it is. I don’t know much about it other than I launched it, other than it was very successful,” said Trump.
Since peaking at $73.43 on Jan. 19, TRUMP has declined by nearly half to trade around $38, according to CoinGecko.
The TRUMP token has seen extreme volatility since launching on Jan. 17. Source: CoinGecko
The Trump memecoin craze didn’t end with the president. First Lady Melania Trump launched her own memecoin ahead of Inauguration Day, attracting roughly 500,000 users within hours, according to DEX Screener.
Some analysts raised concerns about Melania’s memecoin, suggesting that it has the hallmarks of a “rug pull,” with nearly 90% of the token supply concentrated in a single wallet.
Related: Trump family may build ‘giant businesses’ on Ethereum — Lubin
This article first appeared at Cointelegraph.com News
