TL;DR
- Donald Trump’s meme coin TRUMP ranked as the highest trending token on January 21, regardless of its market cap falling from $14.5 billion to $8.5 billion.
- MELANIA and DOGE adopted subsequent, with the latter gaining consideration attributable to its reference to Elon Musk’s new authorities initiative.
These Memes Steal the Present
Donald Trump formally turned the forty seventh President of america on January 20. Apart from his success on the political scene, the Republican made big waves within the crypto sector, launching his personal meme coin on January 18.
The token, known as Official Trump (TRUMP), surprised the crypto neighborhood by experiencing a powerful worth improve mere hours later. Its market cap briefly soared previous $14.5 billion, making it the second-biggest meme coin (trailing solely behind DOGE). TRUMP has misplaced some steam up to now few days, and its present capitalization is lower than $8.5 billion. Thus, Shiba Inu (SHIB) reclaimed the second spot.
Regardless of its retreat, the thrill surrounding the Trump-themed meme coin stays greater than evident. In keeping with Santiment, it ranked as the highest trending token throughout the whole crypto sector on January 21.
“TRUMP is being mentioned following its controversial itemizing on Coinbase, and the dangers concerned in investing throughout a risky market,” the info analytics platform said.
The US-based cryptocurrency alternate is among the many newest to embrace the meme coin. Previous to that, Binance, Bybit, and lots of extra allowed buying and selling providers with it.
Apparently, the second-most trending token can also be associated to the Trump household – MELANIA, the official meme coin of America’s first woman.
“MELANIA is trending as a result of current launch of the meme coin, producing instant important market exercise and volatility. Discussions spotlight its affiliation with the Trump meme coin,” Santiment defined.
Much like TRUMP, MELANIA witnessed a exceptional rally throughout the first hours of its existence. Its market capitalization climbed above $2 billion on January 20 earlier than tumbling to the present $600 million.
Who’s Third?
The Trump-themed tokens have been extra trending than the largest meme coin in phrases of market cap – Dogecoin (DOGE). In keeping with Santiment, the dog-themed asset claimed the third spot, with its rising reputation linked to its affiliation with the newly launched US Division of Authorities Effectivity (D.O.G.E.), led by Elon Musk.
“This initiative has sparked dialogue because it intertwines cryptocurrency with authorities operations, producing buzz on social media. Moreover, discussions across the potential for brand new meme cash linked to public figures like Trump and Musk contribute to the hypothesis about Dogecoin’s future efficiency and relevance within the crypto area,” the platform added.
Tesla’s CEO is thought as a agency supporter of the OG meme coin, typically praising it on social media. As such, DOGE proponents have raised hopes that he’ll proceed endorsing the asset whereas being on the helm of the aforementioned division.
As CryptoPotato reported on January 21, DOGE’s valuation briefly pumped by double digits after the division’s official web site featured the meme coin’s brand. We have now but to see whether or not there can be additional bulletins that may affect the value within the close to future.
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