The official meme coin of United States President Donald Trump has been a roaring success since its launch 5 days in the past, witnessing excessive buying and selling exercise and investor participation.
Information analyzed by the on-chain intelligence agency CryptoQuant now reveals that Official Trump (TRUMP) has recorded roughly $38 billion in whole buying and selling quantity throughout centralized crypto exchanges since its launch on January 17. The token’s spot buying and selling quantity topped $17 billion on January 19; nonetheless, the latest determine signifies that the quantity has virtually doubled over the previous few days.
The TRUMP Pump
CryptoQuant discovered that the world’s largest crypto alternate, Binance, dominated the spot buying and selling quantity with $16 billion, whereas different platforms like OKX and Bybit adopted swimsuit with $7 billion and $6 billion, respectively.
The Trump meme was promoted as a cryptocurrency created to specific assist for and engagement with Trump’s beliefs and beliefs. These cash exist on the Solana blockchain, and 200 million TRUMP are at present in circulation, with the whole provide anticipated to develop to 1 billion over the following three years.
Lower than two days after its launch, TRUMP turned one of many prime 20 altcoins on CoinGecko and CoinMarketCap (now at quantity 25), with a market cap of almost $15 billion. The rally additionally made the token the second-biggest meme coin, trailing behind Dogecoin (DOGE).
Official Trump’s pump had by no means been seen earlier than within the crypto house, so through the subsequent few days after its launch, it ranked as the highest trending token throughout your entire sector.
Important Correction
Amid the expansion in Official Trump’s market cap and spot buying and selling quantity, the token’s value skyrocketed from 0 to $72 in lower than 48 hours. Though the meme coin’s value had corrected considerably by the point of writing, and it was buying and selling at $35.88 on CoinMarketCap, TRUMP continues to be up greater than 450% from its January 18 buying and selling value of $7.
Noteworthily, Official Trump’s market cap now hovers round $7.18 billion, and analysts have attributed this drop in value and market cap to the launch of MELANIA, a competing meme coin by First Woman Melania Trump.
Apparently, President Trump tried to downplay the success of TRUMP at a press briefing a day after his inauguration; nonetheless, it can’t be denied that the memecoin’s pump created new crypto millionaires in a single day.
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