TRUMP News: TRUMP Memecoin turns heads, but leaves crypto market without new investment: Web3 expert

Although the TRUMP token has brought significant attention to the crypto market, it has struggled to raise new capital. This is what comes from an analysis of TRUMP’s market cap compared to the total value of the crypto market.

Memecoin launched last week with significant impact, reaching a market cap of over $10 billion on its first day, but has since fallen to around $5.3 billion at the time of writing. Meanwhile, the total market capitalization of all cryptocurrencies has hovered around $3.5 trillion, according to data from TradingView and CoinDesk.

“Although $TRUMP is now worth billions, the overall crypto market cap has barely budged. While it’s a really exciting title to say 400,000 users are on board, Phantom was the number one app for a while, and it feels like the whole world was paying attention to that sign.” I think what we’ve actually done is put a lot of focus on the board,” Garrison Young, one of the founders of the leading international Web3. game studio Mirai Labs, said in an email.

“When it comes to actual liquidity and capital going into the token, very little of it (on a value basis) was from new people. Unfortunately, we ended up moving a hot group of money. You’re seeing that especially. On-chain with the alternatives in Solana and the amount of liquidity coming into the Solana ecosystem very quickly. gone,” Yang added.

Research by Chainalysis Last week showed that roughly 50% of TRUMP and MELANIA token holders were first-time buyers of Solana-based tokens.