Trump meme drives crazy new Solana addresses to new heights: Report
Undergraduate Donald Trump's memecoin frenzy has contributed to a boom in new Solana addresses as users continue to flock to the meme-friendly blockchain.
According to Copper.co, a digital asset protection service, Solana's daily reach reached 9 million before the inauguration of US President Donald Trump. The figures are based on data provided by onchain analytics platform Glassnode.
Using Glassnode data, Copper.co found a significant increase in new Solana addresses in January. Source: Copper.co
“Solana, once seen as a poster child [Sam Bankman-Fried]It is now linked to a sitting US president,” Copper.co said in its report.
“Some people argue that the memes being promoted[by the president-elect]aren't the most important use case for blockchain. Others disagree, pointing out that capitalism works,” the report said.
Solana has gained popularity as the preferred network to launch memecoins in 2024. Although memecoins are often criticized for their lack of real-world utility, the philanthropic use case is that users can monetize community and internet culture, particularly through cryptocurrencies.
The memecoin craze pushed Solana's network to 100 million active wallets in October, marking a huge jump from the roughly 500,000 monthly active addresses in early 2024.
Related: Mark Cuban mulls memecoin to pay off US debt
The launch of the TRUMP coin
The official Trump (TRUMP) memecoin launched on January 17 with a total supply of 1 billion. Following the record rally over the weekend, the token's market capitalization has increased to more than $12 billion.
Although memecoin is clearly associated with the president, Trump later admitted that he was not familiar with the token.
“I don't know where he is. I don't know much about it except that I started it; “Besides being very successful,” Trump said.
After reaching a high of $73.43 on Jan. 19, TRUMP has nearly halved to trade around $38, CoinGecko reports.
The TRUMP token has seen significant volatility since its launch on January 17th. Source: CoinGecko
The Trump memecoin craze did not end with the presidency. First Lady Melania Trump launched her own memecoin before Inauguration Day, attracting nearly 500,000 users within hours, DX Screen reported.
Some analysts have raised concerns about Melania's memecoin, suggesting that it bears the hallmarks of a “carpet pull” with 90% of the token's supply in a single wallet.
RELATED: Trump Family Could Build ‘Huge Businesses' On Ethereum – Lubin
