特朗普官方（特朗普）Memecoin在为美国总统唐纳德·特朗普（Donald Trump）宣布了独家面对面的晚餐后，跃升了52％

对于某些加密货币倡导者来说，这标志着熊市的终结，尤其是比特币（BTC）弹回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日宣布为与美国总统唐纳德·特朗普（Donald Trump）的顶级持有人举行独家面对面的晚餐之后，特朗普官方（特朗普）近52％激增后，一些加密货币倡导者将其视为熊市最终结束的标志，尤其是比特币（BTC）以比特币（BTC）弹回93,000美元以上。但是，其他人正在提出有关特朗普纪念集会的可持续性的疑问。

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.

从表演的角度来看，官方特朗普（特朗普）纪念物在发射当天获得了740％以上，很快就会感到失望，随着投资者意识到高令牌的集中度和短期归属时期，很快就会侵蚀。乍一看，考虑到80％的供应分配给了特朗普控制的创始人和实体，很难证明特朗普目前的市值为26亿美元。

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，诸如套格（ARB），木星（JUP）和制造商（MKR）之类的良好项目的大写价格低于16亿美元。这些令牌估值来自使用财政部储备或直接利益的回购和固定机制的直接好处。例如，领先的以太坊2层缩放解决方案inotum拥有24亿美元的总价值锁定（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.

根据Defillama的数据，木星是Solana上的主要权力交易所（DEX），处理23亿美元的存款，并在过去30天内收取7660万美元的费用。同时，成功的Dai Stablecoin背后的项目Sky（以前是Maker）拥有59亿美元的TVL和2860万美元的30天费用。

TRUMP remains in the top 10 for trading activity

特朗普仍然是交易活动的前十名

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在内的主要交易所上市，并经常在特朗普的社交媒体上晋升，此外，Memecoin在衍生品市场中占有印象深刻的份额。值得注意的是，其期货开放兴趣为7亿美元，总体十名。

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.

建立的市值超过60亿美元的项目，例如Chainlink（Link），Litecoin（LTC）和Polkadot（DOT），其期货开放率要比特朗普较小。尽管对期货市场的需求允许大型交易者参与，但它并不一定表明乐观主义，因为渴望（买家）和短裤（卖方）始终匹配。

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.

尽管目前交易量低84％，但特朗普在数量方面仍然是前十名。实际上，根据Coingecko Data的数据，只有四个加密货币不包括稳定币，超过了特朗普令人印象深刻的38.4亿美元的24小时营业额。

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.

尽管交易活动庞大，但美国总统特朗普的一次促销活动不太可能产生对特朗普纪念物的持久需求，这使目前的13.50美元的价格标签受到支票。除非该项目减轻投资者对代币解锁的担忧，否则几乎没有办法证明50％的溢价与提供实用性和增长观点的加密货币相比。

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，另一位没有真正效用的纪念物Shiba Inu（Shib）目前以80亿美元的市值交易，因此人们可以轻松地争辩说，由现任美国总统正式支持的代币值得更多，铺平了更多的方式，以30美元或更高的价格目标目标。