The Pre-Inauguration Donald Trump Memecoin Frenzy Contributed to a Record Surge in New Solana Addresses

According to digital asset custody service Copper.co, the daily number of new Solana addresses reached almost 9 million ahead of US President Donald Trump’s inaugaration.

A surge in memecoin mania ahead of Donald Trump's second inauguration saw a record number of new Solana addresses created.

According to data from Copper.co, new Solana addresses reached almost 9 million in the lead-up to Trump's swearing-in ceremony. The figures were based on data from onchain analytics platform Glassnode.

"Solana, once seen as the poster child of [Sam Bankman-Fried], is now linked to a sitting US President," Copper.co noted in its report.

"Some argue that memes promoted by (at the time, President-elect) aren't the most beneficial use case for blockchain. Others disagree, pointing out that capitalism works," the report added.

Solana emerged as the preferred network for launching memecoins in 2024. While memecoins are often criticized for lacking real-world utility, one charitable use case is that they allow users to monetize community and internet culture, particularly around cryptocurrencies.

The memecoin craze pushed the Solana network to a record 100 million active wallets in October, marking a substantial increase from the roughly 500,000 monthly active addresses at the beginning of 2024.

The launch of TRUMP coin

The Official Trump (TRUMP) memecoin launched on Jan. 17 with a total supply of 1 billion. Following a record rally over the weekend, the token's market capitalization surged to over $12 billion.

Despite the memecoin's clear association with the president, Trump later admitted to being unfamiliar with the token.

"I don't know where it is. I don't know much about it other than I launched it, other than it was very successful," said Trump.

According to CoinGecko, TRUMP has declined by nearly half since peaking at $73.43 on Jan. 19, currently trading around $38.

The Trump memecoin mania didn't end with the president himself. First Lady Melania Trump also launched her own memecoin ahead of Inauguration Day, attracting roughly 500,000 users within hours, DEX Screener showed.

Some analysts raised concerns about Melania's memecoin, suggesting that it had the hallmarks of a "rug pull," with nearly 90% of the token supply concentrated in a single wallet.