US President-elect Donald Trump's Solana-based memecoin, TRUMP, has captured the crypto market in a storm. Launched on January 17, just days before his inauguration, the token rocketed to nearly $9 billion in market cap. The speed of its upward trajectory has impressed traders and investors, making waves in terms of massive trading and high-profile profits.
TRUMP Memecoin Stuns in Debut
Announced on Truth Social and X, Trump himself promoted the TRUMP token as a celebration of "winning." Within hours, the price of that token went all the way to $18.82, making it higher than popular memecoins like Pepe and Bonk. Insiders close to Trump's family confirmed the project's legitimacy and its connection with his NFT ventures, further cementing the token's market credibility.
Massive Profits for Traders
The launch of the TRUMP token made early traders millionaires overnight. One investor doubled a $1 million stake in minutes, while another turned $1.1 million into $70 million within four hours. Smaller traders also capitalized, with one transforming $653,000 into millions by strategically selling portions of their holdings. These remarkable gains have drawn significant attention to the token.
Whale Activity Drives Liquidity
Whale investors have been the key to TRUMP's success. One whale spent $14.3 million in Solana to buy 1.27 million TRUMP tokens, while another invested 8.5 million USDC at an average price of $8.28. Such huge investments injected significant liquidity into the market, fueling the token's rapid growth and trading volume.
Impact on Solana and Tokenomics
The launch of the TRUMP token has fueled Solana's ecosystem. DEX volumes reached a record of $12.9 billion in 24 hours. Meteora, Orca, and Raydium are seeing unprecedented activity. With 1 billion total supply and unlocking 20% at launch, the structured tokenomics of TRUMP ensure the gradual distribution over three years, giving stability to the project.
A Game-Changer for Crypto
TRUMP memecoin's meteoric rise is just one of many examples of where politics meets cryptocurrency. Millions are being minted for the trader, and its launch has gone on to be a pivotal moment in the crypto space for Solana's ecosystem. This is going to be an interesting one to watch for the long run within the blockchain.