Although the TRUMP token has attracted considerable attention in the crypto market, it has struggled to onboard substantial new capital. This is evident from the comparative analysis of TRUMP’s market capitalization against the total value of the crypto market.
The memecoin launched with significant impact last week, reaching a market cap of over $10 billion on its first day, but has since fallen to around $5.3 billion at the time of writing. Meanwhile, the total market capitalization of all cryptocurrencies has fluctuated around $3.5 trillion, according to data from TradingView and CoinDesk.
“While $TRUMP is now worth billions, the total crypto market cap has barely budged. And while it’s a really cool headline to say that 400,000 users have been onboarded, Phantom has been the number one app one for a little while, and it feels like the whole “The world was paying attention to this token, I think what we really did was get a lot of attention to it,” said Garrison Yang, co-founder of leading international Web3 game studio Mirai Labs in an email.
“As far as actual liquidity and capital going into the token, very little (based on value) came from new people. Unfortunately, we ended up moving the hot ball of money. And you can see that , especially on-chain with alts on Solana, and the amount of liquidity quickly flowing into the Solana ecosystem,” Yang added.
A study by Chainalysis last week showed that around 50% of TRUMP and MELANIA token holders were likely new buyers of Solana-based tokens.
