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 resulting from its reference to Elon Musk’s new authorities initiative.
These Memes Steal the Present
Donald Trump formally turned the forty seventh President of the USA on January 20. In addition to his success on the political scene, the Republican made large waves within the crypto sector, launching his personal meme coin on January 18.
The token, referred to as Official Trump (TRUMP), shocked the crypto neighborhood by experiencing a powerful worth enhance 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 excitement surrounding the Trump-themed meme coin stays greater than evident. In response to Santiment, it ranked as the highest trending token throughout all the 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 information analytics platform said.
The US-based cryptocurrency change 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.
Curiously, the second-most trending token can also be associated to the Trump household – MELANIA, the official meme coin of America’s first girl.
“MELANIA is trending because of the latest launch of the meme coin, producing instant vital market exercise and volatility. Discussions spotlight its affiliation with the Trump meme coin,” Santiment defined.
Just like TRUMP, MELANIA witnessed a outstanding rally through 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 most important meme coin when it comes to market cap – Dogecoin (DOGE). In response to Santiment, the dog-themed asset claimed the third spot, with its rising recognition 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 called a agency supporter of the OG meme coin, usually 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 now have but to see whether or not there will probably be additional bulletins that may affect the worth within the close to future.
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