Trump Memecoin Surges to $13.5 Billion Market Cap, Enters Top 20 Cryptocurrencies
The Official Trump memecoin, associated with President-elect Donald Trump, has experienced a significant surge, reaching a market capitalization of $13.5 billion and breaking into the top 20 cryptocurrencies on CoinGecko. This milestone marks a notable achievement for the memecoin, reflecting its growing presence in the crypto market.
At its peak, the memecoin attained a value of $67 per token, accompanied by a fully diluted valuation of $67.5 billion. Recently, the token has seen a slight decrease, currently trading at $66 per token. This fluctuation follows a period of robust growth fueled by major exchange listings.
Binance, one of the largest cryptocurrency exchanges globally, has already listed the memecoin, while Coinbase has included it in its future roadmap. Additionally, decentralized exchange Hyperliquid has integrated the token, contributing to its recent price movements.
Despite the impressive rally, concerns persist regarding the memecoin’s fully diluted valuation relative to its market cap. Insiders are scheduled to unlock 80% of the token supply in the coming three months, potentially releasing 40 million tokens valued at approximately $2.7 billion. This influx of available tokens could exert selling pressure, challenging the memecoin’s ability to maintain its current valuation.
In response to the token’s performance, the Trump team has been reallocating proceeds from memecoin sales to invest in Solana tokens. On-chain data indicates that the team has utilized $5 million worth of the stablecoin USDC, paired against TRUMP +151.55%, to purchase wrapped Solana tokens through decentralized exchanges such as Jupiter, Orca, and SolFi.
The memecoin’s rise has also played a role in attracting new participants to the cryptocurrency space. According to Moonshot, approximately 400,000 individuals have created accounts to purchase the TRUMP memecoin since its launch just over a day ago. However, experts caution that a potential market downturn could quickly reverse these positive developments.
As the Official Trump memecoin continues to navigate the volatile crypto landscape, stakeholders remain watchful of its ability to sustain growth amidst upcoming token unlocks and market dynamics.