This Week in Meme Coins: GrokCoin Takes the Cake, Solana Weathers the Storm, Trump Coin Reveals Its Insiders

This week has seen a huge amount of activity in the meme coin market, with GrokCoin set to take the meme coin world by storm, and Solana experiencing a sharp downturn in revenues.

This week has seen a huge amount of activity in the meme coin market, with GrokCoin set to take the meme coin world by storm, and Solana experiencing a sharp downturn in revenues.

At the same time, the infamous Trump meme coin (widely known as TRUMP), has taken its stakeholders for quite a ride, revealing some massive profits along the way—with profits that might make somebody question what we even mean when we say “profit”!

Meme Coin Market Overview: A Rollercoaster Ride

This week, the meme coin sector saw a dramatic decrease in market value, with the market cap plunging from $55.04 billion to $48.10 billion. This represents a 13.5% drop, and the meme coin market is now down approximately 30% over the past 30 days. Despite the sector’s significant decline, there remains a heightened level of fear, uncertainty, and doubt (FUD) surrounding the market. Lower Consumer Price Index (CPI) data has given some people relief, but that’s not the sentiment in the meme coin market, which right now is taking a backseat in DeFi narratives. According to DeFiLlama’s ranking, meme coins sit at 12th place now, down quite a bit from when they were classed as DeFi assets. Despite this really unfortunate narrative, what should be looked at that also has meme coins on the radar is just how well they have done compared to major cryptocurrencies.

Traders are drawn to the meme coin market’s volatility. Some recent events vividly illustrate just how unpredictable this market has become. GrokCoin’s incredible ascent and Solana’s Fortune reversal are excellent case studies for anyone looking to gain a better understanding of meme week in the meme coin market.

GrokCoin’s Frenzy: The Rise and Fall of a Meme Coin Sensation

The peak of this week’s meme coin turmoil comes from GrokCoin, a token that has exploded in popularity, thanks to Elon Musk’s AI chatbot. When Musk’s chatbot responded to a user with the name “GrokCoin,” it set off a viral wave of enthusiasm. Hour after its launch, the token saw its market cap go to $35 million, with an almost unbelievable $100 million in trading volume. The backdrop during this was one of palpable excitement, as we saw multiple Grok-themed coins popping up across the crypto landscape, ready to cash in on the frenzy.

Yet again, as is so often the case with meme coins, the initial excitement over GrokCoin diminished rapidly, and the value of GrokCoin fell nearly as fast as it had risen. The feeding frenzy didn’t last long, as traders tried to take profits and token holders watched with nervousness as the price plummeted back to much lower and probably safer levels. Indeed, the whole episode is a laughably poor advertisement for the crypto market in general and for a market supposedly powered by the “wisdom of the crowd” in particular.

Solana’s Struggles Amid Meme Coin Surge

Amidst the excitement surrounding GrokCoin, Solana, one of the top blockchain platforms in the crypto space, has been dealing with some serious problems. Solana’s revenue has taken an absolute nosedive, plummeting—get this—93%, and not quite coincidentally, just when it was hoped that Solana could offer some counterpoint to the mega slowdown of the crypto market. Yet, what is most remarkable about Solana’s situation is not the drop itself but its mere existence. Solana was once hailed as one of the rising stars of the blockchain world, known for the state-of-the-art speed and near-zero costs of its transactions, and its well-organized and substantial efforts to court developers looking to draw up plans for the next big thing.

Trump Token Revelations: Insider Profits and a Market Manipulation Scandal

Unsurprisingly, the TRUMP meme coin has bucked the trend for meme coins by making actual money—an impressive $350 million in revenue, according to the Financial Times. The controversy surrounding TRUMP is more about who’s behind the coin, or at least who’s benefitting from it: Trump-ralated entities appear to be cashing in big time on this particular vehicle for monetizing people’s enthusiasm for the former president.

The report showed that around 80% of the total tokens in circulation are controlled by entities tied to Trump. Those wallets, in a move that raised eyebrows, dumped 100 million tokens at prices below $1.05, then reinvested $291 million to prop up the market and keep the coin’s value from collapsing. They keep holding a big chunk of assets, with 831 million tokens out there worth an impressive $10.8 billion. That might be a reason why anyone holding the TRUMP token hasn’t been totally wiped out despite an 82% price drop from its all