TRUMP Coin: Market Cap Rapidly Approaches $100 Billion, Whales Profit, New Users Enter

A originally calm Saturday morning was shaken to its core by a post from Trump, causing unprecedented turmoil in the cryptocurrency market.

On Saturday morning, former US President Donald Trump released a meme coin named TRUMP through Truth Social and X, causing a stir in the cryptocurrency market.

According to GMGN data, the market capitalization of the official meme coin TRUMP briefly exceeded $30 billion that evening. The next day, it continued to rise, with a fully diluted market cap (FDV) exceeding Dogecoin (DOGE), reaching a price of $82, corresponding to a total market cap of $82 billion.

This meme coin has remained the focus of the crypto market. Based on Forbes ranking data, if the price of the TRUMP token rises to $270, Trump would become the world's richest person. Meanwhile, the issuance method of the TRUMP coin and the capital operations behind it have also drawn significant attention from regulatory organizations, crypto professionals, and investors.

This article will analyze the impact of this event on various potential stakeholders and the capital market from multiple perspectives, including whales, new users, the Solana ecosystem, and Trump himself.

Market Cap Rapidly Approaches $100 Billion, Whales Profit, New Users Enter

When Trump issued the coin, the crypto ball was in full swing. David Sacks, the crypto czar of the Trump administration, stated, "The reign of terror against cryptocurrencies is over; the beginning of American crypto innovation has just begun."

A day earlier, the release of the TRUMP coin was initially mistaken for a hack on Trump's social platform. However, as time passed, its market performance completely changed this initial misunderstanding.

One hour after the coin was issued, GMGN market data showed that the TRUMP market cap surpassed $3 billion, with the coin price at $3.25. The top 10 holders collectively owned about 89.61% of the tokens, with the largest address holding 80% of the tokens. As time went on, the market cap of the TRUMP token skyrocketed, achieving a rapid ascent to a $10 billion market cap. By 5 PM on January 19, the FDV of Trump's official meme coin had surpassed Dogecoin (DOGE), breaking $59 billion, while DOGE's FDV was reported at $55.89 billion. After being listed on multiple exchanges, many on Twitter even believed that TRUMP's next target was $100 billion.

Due to its overwhelming popularity, not only were on-chain transactions lagging, but Binance also temporarily suspended SOL withdrawals due to its hot wallet being drained, and the SOL withdrawal channels on the Solana network and BNB Chain were temporarily closed.

Notably, according to the official website GetTrumpMemes.com, the initial purchase of TRUMP must be made through Moonshot, supporting traditional payment methods like Apple Pay, Visa, Mastercard, Venmo, as well as cryptocurrency payments like USDC and SOL. This convenience in payment methods lowered the entry barrier for ordinary investors, further fueling the TRUMP coin's popularity.

As the token price rose, investors in Trump tokens reaped substantial returns from the rapid price increase. According to on-chain analyst Yu Jin's monitoring, whale @XXAntiWar has already made a profit of $10.19 million on $TRUMP. The 10th largest holding address purchased 1.271 million $TRUMP for $11.15 using 61,205 SOL ($14.18M) on the first day and has yet to sell a single token. The unrealized profit has reached $21.41 million (+151%). Many other active on-chain investors have also garnered significant returns, as detailed in the article "Who Made Millions from TRUMP? Winning KOLs and Disappointed ETH Maxis."

TRUMP is not a meme coin released on Punp.fun but has coordinated in advance with Moonshot and Jupiter to authenticate and launch immediately. The trading frenzy of TRUMP has also propelled the related Solana ecosystem to rise rapidly, with decentralized exchanges (DEX) like Jupiter, Raydium, and Meteora seeing significant growth. Moonshot has become a top financial app on the US Apple App Store due to the TRUMP token, stating they attracted over 400,000 new users within 24 hours. Additionally, on-chain tools like OKX Web3 and GMGN have also benefited from this influx of traffic.

On January 19, the price of SOL broke $290, setting a new historical high, and the trading volume and activity of related platforms in the Solana ecosystem surged dramatically. According to data from @adam_tehc, on the day TRUMP was booming, the on-chain meme trading tool GMGN recorded approximately $153 million in trading volume on the Solana chain on January 18, capturing $1.52 million in fees, both setting historical highs. By the