Meme Coins Under Pressure as Trump’s TRUMP Token Soars
Market Capitalization and Trading Volume
President-elect Donald Trump’s official TRUMP meme coin has been launched on Solana, attracting billions of dollars’ worth of trading volume and vaulting into the top 40 cryptocurrencies by market cap.
Dogecoin and Other Meme Coins Struggle
Dogecoin, a major meme coin, rose to a more than one-month peak price of above $0.43 on Friday night before the TRUMP news began widely circulating. However, it quickly fell, dropping to a current price of $0.397 due to likely sales driven by the TRUMP coin’s popularity. DOGE is down 8% from its late Friday peak and 3% over the last 24 hours, despite being up 18% on the week thanks to sizable gains in recent days.
Other major meme coin charts look similar, with Shiba Inu (SHIB) and Pepe (PEPE) among those coins that have fallen since the TRUMP token gained steam on Friday. SHIB is now down 6% on the day, while Pepe is down 5%.
Not all Meme Coins are Affected
Not every meme coin is faring as badly, however. A pair of prominent Solana-based meme coins, Bonk (BONK) and SPX6900 (SPX), have seen only modest dips since Friday night and remain substantially up over the past day.
Furthermore, Fartcoin (FARTCOIN), a Solana meme coin, is experiencing explosive demand, rising to a new all-time high price of $1.75 on Saturday morning. The coin has more than doubled in price over the last week.
Solana’s Rise
Solana appears to be the key connective tissue here as the network that Trump’s team chose for the TRUMP token. Solana itself has jumped by 10% over the past 24 hours, making it the biggest gainer in the top 10 cryptocurrencies during that span, and rose as high as nearly $244—the highest price seen since November.
In addition, the tokens of leading Solana decentralized exchanges are booming thanks to the TRUMP demand, with Jupiter’s JUP token up 20% on the day and Raydium’s RAY rising 19%.
Conclusion
TRUMP, currently sitting at a price of about $21, has rapidly become one of the most traded and valuable meme coins on the market. While other meme coins are struggling in its wake, Solana continues to benefit from the TRUMP token’s success, with the network’s tokens and decentralized exchanges experiencing significant growth.
FAQs
Q: What is TRUMP?
A: TRUMP is a meme coin launched by President-elect Donald Trump’s team on the Solana network.
Q: What is Solana?
A: Solana is a fast and scalable blockchain network that hosts a variety of decentralized applications (dApps), including decentralized exchanges (DEXs) and tokenized assets.
Q: Which meme coins have been affected by TRUMP?
A: Dogecoin, Shiba Inu, Pepe, and some other major meme coins have experienced significant price drops since the TRUMP token launched.
Q: Which meme coins have not been affected?
A: Bonk, SPX6900, and Fartcoin, all Solana-based meme coins, have seen only modest dips in price and remain substantially up over the past day.
Q: How has Solana been affected by TRUMP?
A: Solana has jumped by 10% over the past 24 hours, making it the biggest gainer in the top 10 cryptocurrencies during that span, and rose as high as nearly $244—the highest price seen since November.
