TRUMP Coin Is No Longer Among the Top Three Meme Coins by Market Capitalization

TRUMP coin is no longer among the top three meme coins by market capitalization as investors have started to sell off their TRUMP holdings to dive into better meme coin ventures.

TRUMP coin, the cryptocurrency inspired by former US President Donald Trump, has slipped from the top three meme coins by market capitalization as investors have begun to sell off their TRUMP holdings to pursue more promising meme coin ventures. Pepe has now reclaimed the number three spot.

This pullback comes as people are searching for the best crypto to buy now with better benefits. However, the cryptocurrency still ranks among the top 5 meme coins in the market.

Will it remain so in the coming days, or will further drops place it alongside other meme “has-beens” that briefly dominated the price charts?

TRUMP Coin Price Analysis – Solana-Themed Official Trump Now Facing Downturn

The launch of Official Trump (TRUMP), two days before Donald Trump officially took the seat as the president of the United States, was met with a mix of enthusiasm and skepticism.

On one side were the degen supporters who got the FOMO fever and dove into this political meme coin without a second thought. That resulted in the TRUMP coin going up by 5-digits within a day.

The token reached $78, its all-time high, and a price not normally associated with a meme asset.

On the other side were the skeptics. While some, like VoidZilla, showed general skepticism around the project since it was a meme coin, other crypto influencers like Max Maher noted that the TRUMP team holding 80% of the holdings does cause concerns.

After the “presidential meme coin” jumped to it’s all-time high, a correction followed. While the initial drop was volatile, with the community still trying to hold on to the gains, by January 22nd, 2024, the TRUMP coin’s price chart has mostly shown red candles.

Jacob Crypto Bury, a prominent cryptocurrency YouTuber with over 54.4k subscribers, has given a complete analysis of the project:

TRUMP is currently trading around the $26 level. While the token losing its support around $31 was not good, as the YouTuber said, the falling wedge pattern has formed right now. It is a bullish reversal pattern, which means as soon as these trend lines converge, a bounce may happen.

However, despite these technical indicators, TRUMP coin is no longer the best crypto to buy now.

Why is TRUMP Coin No Longer the Best Crypto to Buy Now?

Here are some of the key reasons TRUMP coin may no longer be a suitable crypto to get behind:

Minimum Utility

TRUMP coin arrived on the market with absolutely no utility. All it was able to capitalize on was the craze around US President Donald Trump, the Solana meme coin narrative, and Trump-based themes in order to grow in value. It does not provide anything other than artwork.

Furthermore, the arrival of MELANIA, the official meme coin launched by Melania Trump, further pushed people away from this token as they started to pose questions around the integrity of the project.

Lack of Transparency in Tokenomics

While TRUMP coin has a total supply of 1 billion, only 200 million of it has been released to the public. The remaining 800 million, 80% of the total supply, are locked. The tokenomics doesn’t give clarity around how much of these tokens are locked by the team. This lack of transparency is another reason why the meme coin lost momentum.

Tired Narrative

While the story of Donald Trump’s triumph over his would-be assassin on July 13, 2024, was commendable, TRUMP coin’s narrative is still associated with that. The news was undoubtedly powerful. However, people see Donald Trump as an “Agent of Change,” as said by US Congressman Shri Thanedar in an interview given to ANI in November last year.

That could also have been weaved into the token’s narrative. This created a missed opportunity around TRUMP. As a result, a strong community could have been created around this meme coin. But since there was not strong community support, TRUMP token’s drop was expected.

Better Meme Coin Alternatives

Solaxy, like TRUMP coin, is built on the Solana blockchain. But rather than getting away with a simplified meme and no utility, it is providing an actual use case that could help further strengthen Solana itself.

According to the official whitepaper, Solaxy is the world’s first Layer 2 solution for the Solana blockchain. Thanks to its unique architecture, this ecosystem has reportedly been designed to enable off-chain transactions for Solana. This approach, per Solaxy’s official docs, will allow Solana to become more efficient and scalable, which has not been the case so far.

The reason this utility has been presented at the forefront is to allow the creation of more meme coins. Coindesk reported in 2024 that Solana was the biggest draw for new blockchain developers due to its inclusive attributes.

Furthermore