特朗普官方（特朗普）Memecoin在為美國總統唐納德·特朗普（Donald Trump）宣布了獨家面對面的晚餐後，躍升了52％

對於某些加密貨幣倡導者來說，這標誌著熊市的終結，尤其是比特幣（BTC）彈回93,000美元以上

After a nearly 52% surge in Official Trump (TRUMP) on April 23 following the announcement of an exclusive in-person dinner for the top tokenholders with US President Donald Trump, some crypto advocates see it as a sign of the bear market finally ending, especially as Bitcoin (BTC) bounced back above $93,000. However, others are raising questions about the sustainability of the TRUMP memecoin rally.

在4月23日宣佈為與美國總統唐納德·特朗普（Donald Trump）的頂級持有人舉行獨家面對面的晚餐之後，特朗普官方（特朗普）近52％激增後，一些加密貨幣倡導者將其視為熊市最終結束的標誌，尤其是比特幣（BTC）以比特幣（BTC）彈回93,000美元以上。但是，其他人正在提出有關特朗普紀念集會的可持續性的疑問。

From a performance perspective, the Official Trump (TRUMP) memecoin has been a disappointment after gaining over 740% on launch day, quickly eroding as investors realized the high token concentration and short-term vesting period. At first glance, it is difficult to justify TRUMP’s current market capitalization of $2.6 billion, considering that 80% of the supply was allocated to founders and entities controlled by Trump.

從表演的角度來看，官方特朗普（特朗普）紀念物在發射當天獲得了740％以上，很快就會感到失望，隨著投資者意識到高令牌的集中度和短期歸屬時期，很快就會侵蝕。乍一看，考慮到80％的供應分配給了特朗普控制的創始人和實體，很難證明特朗普目前的市值為26億美元。

In comparison, well-established projects like Arbitrum (ARB), Jupiter (JUP), and Maker (MKR) have a capitalization below $1.6 billion. Those token valuations derive from buybacks using treasury reserves or direct benefits in staking and DeFi mechanisms. For example, Arbitrum, a leading Ethereum layer-2 scaling solution, has $2.4 billion in Total Value Locked (TVL).

相比之下，諸如套格（ARB），木星（JUP）和製造商（MKR）之類的良好項目的大寫價格低於16億美元。這些令牌估值來自使用財政部儲備或直接利益的回購和固定機制的直接好處。例如，領先的以太坊2層縮放解決方案inotum擁有24億美元的總價值鎖定（TVL）。

Jupiter, the primary decentralized exchange (DEX) on Solana, handles $2.3 billion in deposits and has accrued $76.6 million in fees over the past 30 days, according to DefiLlama data. Meanwhile, Sky (formerly Maker), the project behind the successful DAI stablecoin, has $5.9 billion TVL and $28.6 million in 30-day fees.

根據Defillama的數據，木星是Solana上的主要權力交易所（DEX），處理23億美元的存款，並在過去30天內收取7660萬美元的費用。同時，成功的Dai Stablecoin背後的項目Sky（以前是Maker）擁有59億美元的TVL和2860萬美元的30天費用。

TRUMP remains in the top 10 for trading activity

特朗普仍然是交易活動的前十名

Besides being listed on major exchanges, including Binance, Bybit, OKX, Coinbase, Upbit, and Kraken, and often promoted on social media by Trump, the memecoin has an impressive share in derivatives markets. Notably, its futures open interest stands at $700 million, a top-10 overall.

除了在包括Binance，Bybit，Okx，Coinbase，Upbit和Kraken在內的主要交易所上市，並經常在特朗普的社交媒體上晉升，此外，Memecoin在衍生品市場中佔有印象深刻的份額。值得注意的是，其期貨開放興趣為7億美元，總體十名。

Established projects with market capitalizations over $6 billion, such as Chainlink (LINK), Litecoin (LTC), and Polkadot (DOT), have smaller futures open interest than TRUMP. While demand for futures markets allows larger traders to participate, it does not necessarily indicate optimism as longs (buyers) and shorts (sellers) are matched at all times.

建立的市值超過60億美元的項目，例如Chainlink（Link），Litecoin（LTC）和Polkadot（DOT），其期貨開放率要比特朗普較小。儘管對期貨市場的需求允許大型交易者參與，但它並不一定表明樂觀主義，因為渴望（買家）和短褲（賣方）始終匹配。

Despite currently trading 84% below its all-time high, TRUMP remains a top-10 token in terms of volume. In fact, excluding the stablecoins, only four cryptocurrencies surpassed TRUMP’s impressive $3.84 billion 24-hour turnover, according to CoinGecko data.

儘管目前交易量低84％，但特朗普在數量方面仍然是前十名。實際上，根據Coingecko Data的數據，只有四次加密貨幣不包括穩定幣，超過了特朗普令人印象深刻的38.4億美元的24小時營業額。

Despite the huge trading activity, a single promotional event with US President Trump is unlikely to create lasting demand for the TRUMP memecoin, putting the current $13.50 price tag in check. Unless the project alleviates investors’ concerns about token unlocks, there is little way to justify the 50% premium versus cryptocurrencies that offer utility and perspectives of growth.

儘管交易活動龐大，但美國總統特朗普的一次促銷活動不太可能產生對特朗普紀念物的持久需求，這使目前的13.50美元的價格標籤受到支票。除非該項目減輕投資者對代幣解鎖的擔憂，否則幾乎沒有辦法證明50％的溢價與提供實用性和增長觀點的加密貨幣相比。

It is worth noting that Shiba Inu (SHIB), another memecoin with no real utility, presently trades at an $8 billion market capitalization, so one could easily argue that a token officially supported by the sitting US President is worth far more, paving the way for $30 or higher price targets for TRUMP.

值得注意的是，另一位沒有真正效用的紀念物Shiba Inu（Shib）目前以80億美元的市值交易，因此人們可以輕鬆地爭辯說，由現任美國總統正式支持的代幣值得更多，鋪平了更多的方式，以30美元或更高的價格目標目標。