The price of the Trump memecoin in less than a day has shot up to a diluted marketcap of currently ~$6 billion USD with a FDV (fully diluted value) of $29 billion USD (only 20% of the tokens are currently in distribution). It peaked at a FDV of $35 billion USD.
At its current standing this makes it the 27th largest cryptocurrency/token by marketcap and the largest cryptocurrency/token tied to a celebrity or person which is unprecedented - for anyone who doesn't follow cryptocurrency this is an extremely significant event and this marks not only the most substantial "celebrity" to create an official memecoin but also the first time a world leader has created a memecoin.
I don't aim to provide regular updates on the status of Trump's memecoin ($TRUMP) but the marketcap/price of it has driven even higher and is worthy of pointing out the likely implications that it will have on not only the cryptocurrency market but also internet culture.
The price has driven so high that is has now placed as the 12th largest cryptocurrency by marketcap and is above noteworthy projects like Chainlink, Sui, Stellar, Polkadot, Pepe, Monero & Bitcoin Cash.
The sheer volume of market activity & attention being driven towards this project has gone stratospheric and is now at the extent that some have started complaining that this has driven the price of other cryptocurrencies lower and has also drained social attention away from other projects.
Just the 24h trading volume of the $TRUMP memecoin alone is $18 billion USD, for khantext at peak retardation of the NFT hype train the trading volume for all NFTs across all market places for the entire year of 2022 was $57 billion USD.
Although memecoin hype has been sporadic up until now with stories of
people setting themselves on fire and getting 3rd degree burns to hype their memecoins, as well as the various legitimate and scam B-list celebrity memecoins it is very clear that the $TRUMP memecoin has possibly cemented the "legitimacy" of memecoins and it is very likely we are going to start seeing many more celebrities, lolcows and others launching their own memecoins to try and replicate this kind of attention.
The economic, social and political implications are also extremely significant with this project and if it ends up being a scam or managed poorly there are billions of dollars at stake that are tied to a sitting US president who will be exercising control over US regulations regarding cryptocurrencies and memecoins. At the same time as this, due to this project being from a sitting US president it also means that the regulatory gayops from the previous US government administration against cryptocurrency will fail to work (many US-based cryptocurrency projects were legally challenged by the previous administration and prevented from flourishing to the extent that some considered moving away from the US).
It is worth noting that the initial supply of $TRUMP was only 20%. This means that only 20% of the tokens were released onto the market. There is a cliff and vesting schedule that means 100% of the supply will be gradually released over a 3 year period:
https://kiwifarms.st/threads/wip-pump-fun.206260/post-20352488. This almost aligns with Donald Trump's upcoming term as the president of the US - how exactly the price and nature of $TRUMP will relate to the actions of Donald Trump as the president during his term and also the economic, social and political actions and standing of the United States is unclear but it is clearly unprecedented to have a permissionless, multi-billion dollar "stock" be launched in tandem with the election of any president, let alone the president of the USA. As a short example: if the US launched military action against a country, how would the price be impacted?
It is very plausible at this stage that memecoins and cryptocurrency will become commonplace on social media apps like TikTok, Twitter, Reddit and YouTube (all of which have experimented with cryptocurrency experiments but never carried through with them). It should also be noted that Silicon Valley and VC (venture capital or Viet Cong depending on your stance) money has flown into thousands of failed projects over the years that tried to build concepts of "social tokens" for influencers. It looks extremely likely that memecoins are here to stay and you may start to see them attached to prominent social media influencers.
Read & discuss in the pump.fun/memecoin thread:
https://kiwifarms.st/threads/wip-pump-fun.206260/
(Disclaimer: Although this post I have written is far from shilling this memecoin or an endorsement or telling people they will get rich, it will naturally generate some interest from people who want to get involved in this kind of shit, do note that this shit is
super highly risky and you will possibly lose all your money if trump dumps the token or if ww3 happens or if the Solana blockchain has technical issues or if your wallet gets hacked - do your own research and make sure you take account security seriously. This is not the kind of stuff to fuck around with using your rent money, it is a literal casino and is printing money based on things that have no real world utility or purpose and for every person that make a decent amount of money a substantial amount of people lose everything and ruin their lives by taking out debt)
