The TRUMP memecoin, despite drawing significant attention, has failed to catalyze fresh capital influx into the broader cryptocurrency market, according to Garrison Yang, co-founder of Mirai Labs. Although the token initially made waves by hitting a $10 billion market cap on its launch day, its subsequent decline has highlighted the lack of substantial new investment.
As of now, the market cap of TRUMP stands at approximately $5.3 billion, while the overall cryptocurrency market cap has remained steady around $3.5 trillion, as per data from CoinDesk and TradingView. This suggests that while the TRUMP token attracted considerable media attention and user engagement, it hasn’t contributed much to the overall market growth.
Yang explained that although new users flocked to the TRUMP token, the liquidity generated was largely a result of existing funds being redistributed, rather than fresh capital entering the market. “What we did was move the hot ball of money around, primarily funneling liquidity into Solana’s ecosystem,” Yang said.
He noted that Chainalysis data revealed that nearly 50% of TRUMP and MELANIA token holders were likely first-time Solana-based token buyers. However, this surge in activity didn’t lead to significant new capital entering the market, reinforcing the view that the excitement around TRUMP didn’t translate into lasting market expansion.
About The Author
More Stories
DOGE drops to $0.18 amid long-term holder exits and a looming death-cross price pattern.
Asia Markets: Cautious Calm Settles Over Bitcoin as Risk Positions Rebuild
“Analyst Dubs It ‘Bitcoin’s Silent IPO’ While Dissecting Market Stagnation in Viral Essay”