finbold.com
Shortly before the President-Elect again became the President on January 20, the Trump family on a controversial meme coin offensive with the OFFICIAL $TRUMP ($TRUMP) and Official Melania Meme ($MELANIA) cryptocurrencies drew the bulk of the attention.
As could be expected, the Donald Trump-themed digital asset – either a cynical cash grab or a blockchain equivalent of a commemorative coin or stamp – proved to have the most staying power and attracted the most investor interest.
In fact, by press time on January 23, $TRUMP enjoyed a total spot volume of some $38 billion – a daily average of about $7.6 billion – per the data Finbold retrieved from CryptoQuant.
The world’s biggest cryptocurrency exchange by volume, Binance, took the lion’s share of the trading at approximately $16 billion, and OKX came in second at about $7 billion.
The Trump meme coin sees rapid growth, shows unexpected staying power
Along with massive volume, OFFICIAL $TRUMP enjoyed a remarkable rise almost immediately upon launch. Specifically, the token went from a market capitalization of $0 to $15 billion in less than 24 hours.
The meme coin’s price likewise surged from the initial $7 to highs at about $75 within a handful of hours and despite the buzz of the inauguration being over and leading to a significant drop, it is still trading at $36.86 for a total valuation of $7.24 billion.
Such a situation means that traders who purchased early are still, at least at press time, in the green, while those who got their hands on $TRUMP near the initial price have seen their ‘commemorative’ asset appreciate 463.54%.
$MELANIA, on the other hand, despite drawing much attention, generating speculation, and seeing its valuation rocket from $0 to highs near $2.14 billion, didn’t have a fraction of $TRUMP’s staying power. The First Lady-themed cryptocurrency is, with a press time valuation of $471.77 million, down 65.70% in the all-time price chart.
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