The combined value of meme coins, as tracked by CoinMarketCap, retreated by 5.5% in the past 24 hours to $112.4 billion after President Donald Trump announced the launch of his official meme coin.
Official Trump ($TRUMP), as the token was named, was launched in the Solana blockchain, and its market cap quickly rose to $15 billion as investors quickly flocked to this digital asset on the eve of the President elect’s inauguration speech.
My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR $TRUMP NOW. Go to https://t.co/GX3ZxT5xyq — Have Fun! pic.twitter.com/flIKYyfBrC
— Donald J. Trump (@realDonaldTrump) January 18, 2025
The price of the asset reached a peak of $75 per token on Sunday morning and then started to dive until reaching its current price of $39.5. In the past 24 hours, $39 billion worth of $TRUMP have exchanged hands. This is clear evidence of the market hype produced by the token’s launch.
An official celebrity token was also launched for the First Lady, Melania Trump, with the ticker symbol $MELANIA. The market cap of this digital asset rose to a peak of $2.2 billion at around the same time that $TRUMP hit its daily high on Sunday and its value has progressively dropped until reaching the $1 billion mark at the time of writing.
In the process, the value of most meme coins experienced a sharp drop. Well-established tokens in this space, including Pepe ($PEPE), Bonk ($BONK), and Fartcoin ($FARTCOIN), experienced losses of 9.9%, 17.2%, and 24.3%, respectively, in the past 24 hours.
For investors, the launch of $TRUMP could provide a huge boost to the meme coin space as a whole and especially to the Solana ecosystem as the President confided his image to this smart contracts network.
$TRUMP Finds Support at $40 and Solidifies Stance as 3rd Most Valuable Meme Coin
However, analysts have pointed out that the sector could consolidate around assets like $TRUMP, which are seen more as collectibles and whose fan base is much stronger, while the endorser is a known individual with a global footprint.
The 30-minute price chart for $TRUMP indicates that the market has found strong support at the $40 area and is currently bouncing off that market. Now that the President has been sworn in, market volatility could progressively subside, and prices should behave less erratically.
$TRUMP has rapidly positioned itself as the third most valuable meme coin with a market cap that’s roughly 33% lower than that of Shiba Inu (SHIB). Can it climb to the top of the list within the next few weeks?
Considering that Dogecoin (DOGE), a decentralized asset that embodies an internet character, has reached a valuation of as much as $75 billion at some point, it would not be that crazy to think that a token with such a huge global fan base like $TRUMP can achieve a similar feat.
$TRUMP Congested the Solana Network and Solaxy is Here to Solve That
The launch of Official Trump ($TRUMP) congested the Solana network today as thousands of new wallets were activated in the past 24 hours, and millions of transactions quickly flowed to the network.
Solaxy ($SOLX), a layer-two Solana scaling project, aims to solve issues like this by introducing an innovative offline bundling mechanism that alleviates the mainnet’s workload and increases its efficiency.
The $SOLX presale has been live for just over a month now, and it has managed to raise $12.6 million from investors during this short period as early supporters understand the need for this kind of protocol now that the Solana ecosystem has grown to become a close competitor of Ethereum.
The Solana network may never be the same now that it has been chosen by no other than the President of the United States to host his beloved celebrity token, and Solaxy is right at the center of this development to benefit from such a huge pad in the back.
The native token of Solaxy is currently offered at $0.001608 – a price that positions buyers to reap the highest returns once the presale ends and the asset is listed on exchanges.
To buy $SOLX, visit the official website of Solaxy and connect your wallet. If you don’t have a wallet right now, you can download the Best Wallet app.
You can either swap USDT, BNB, or ETH tokens or use a bank card to complete the transaction. The presale price will be raised in the next 48 hours, so don’t wait any longer to buy your first $SOLX at the most attractive price.
