The market has been shaken by Donald Trump’s recent entry into the cryptocurrency space, especially with the introduction of his TRUMP memecoin. On January 18, Trump unveiled his official token, and shortly after, Melania Trump launched her own memecoin, the Melania Meme (MELANIA). Despite their initial success, both coins experienced major value decreases shortly after their launch.
The memecoin debut had an immediate impact on search activity, with the term “crypto” seeing a significant surge in Google searches, reaching its highest peak since November 2021. This rise in interest was comparable to the spike that occurred when Bitcoin reached its all-time high of $67,000.
Other comparable search keywords, like “memecoin,” “buy crypto,” and “Solana,” saw an increase in traffic around the same time. This increase in searches wasn’t confined to online questions; it also resulted in a surge in bitcoin app downloads. By January 22, platforms like Crypto.com, Coinbase, and Moonshot topped the finance category in the Apple App Store in the United States, with popular apps like Binance.US and Kraken trailing closely behind.
The Solana blockchain also saw an unprecedented number of new wallet addresses, with roughly 9 million new accounts established around the time of Trump’s memecoin launch. In addition, the market attracted a large number of new cryptocurrency investors. On January 20, a poll revealed that 42% of those who bought the TRUMP token were new to cryptocurrency investments.
While Trump’s memecoin has certainly increased attention to the cryptocurrency field, it has not been without criticism. Some detractors, notably popular cryptocurrency fraud investigator Coffeezilla, have expressed ethical issues about the memecoin debut, while California Representative Maxine Waters has warned of potential national security implications. Furthermore, the value of the TRUMP memecoin has fallen by more than 60%, resulting in severe financial losses for some investors.
Despite the concerns, the memecoin’s launch has undoubtedly had a long-term impact on the cryptocurrency industry, increasing interest and engagement among new investors.
