The hype of Trump and Melania’s official memecoins has sent Decentralized Exchange (DEX) volumes to record highs while there are only a few minutes left in Donald Trump’s inauguration ceremony.
“Yesterday, the total volume reached $45.7B, and today it has already surpassed $47B, with Solana accounting for 58% of the total”, the crypto analytics platform mentioned on X.
Trump and Melania Coins Send DEXs Volumes Skyrocketing
The launch of $TRUMP and $MELANIA has ignited a trading frenzy, driving DEX volumes to record highs.
Yesterday, the total volume reached $45.7B, and today it has already surpassed $47B, with Solana accounting for 58% of the… pic.twitter.com/ESaAqyTjIy
— CryptoRank.io (@CryptoRank_io) January 20, 2025
According to CoinMarketCap, the Official Trump ($TRUMP) meme coin has a market capitalization of $10.22 billion and a daily trading volume of $41.18 billion. However, the coin plunged to $51.19, a 19.46% drop in the last 24 hours, after his wife and next First Lady, Melania Trump, launched her meme coin, MELANIA. On the other hand, Melania’s memecoin has been trading around $8.61, with an over 16,000% hike in the last 24 hours.
Whales and Investors Generate Wealth Out of TRUMP and MELANIA
Frenzy of $TRUMP and $MELANIA memecoins has benefited many Investors. According to Lookonchain, an anonymous investor has generated $47.5 million profit after investing in $MELANIA from two different wallets.
Meanwhile, whales have also continued to acquire $TRUMP despite the drop in its price. One whale who made $11.8M on $TRUMP before the dip in its price has again spent 17.26M USDC to buy 369K $TRUMP again at $46.77.
However, the launch of both memecoins has become a hotbed for controversies as many people consider it a rug pull scam. Some analysts pointed fingers toward the concentration of a large supply of memecoins in the small number of wallets, which is an ordinary sign of rug pull scams.
Bubblemaps, a blockchain analytics platform, disclosed that around 90% of the total supply of Melania’s memecoin supply is locked into a single wallet. Such token distribution sparked the discussion about the project’s intention and future roadmap.
While Trump’s era is returning, cryptocurrency enthusiasts and institutional investors feel magic in the air, pushing most cryptocurrencies to new heights.
Also Read: TRUMP Meme Coin Climbs to Top 20, Targets $100 This Week
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