More than 7% of crypto users traded Trump's token
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When Donald Trump's companies released a celebrity meme coin just ahead of the presidential inauguration, it set a new standard for instant hype in a cryptocurrency launch, based on fresh research from a blockchain tax startup.
Why it matters: The meme coin boom of 2024 was just given a nitro boost for the new year by the most powerful man in the world.
By the numbers: Based on a random sample of 1,391 CoinLedger users, from its base of hundreds of thousands of cryptocurrency holders, 7.47% traded the new president's Official Trump token by Jan. 19, just two days after it was released.
- And 1.9% of users traded the Melania Meme token on its first day of trading.
- For comparison, the Australian pop star Iggy Azalea had one of the biggest meme coin launches of 2024, with her token MOTHER, but only 0.7% of the crypto market interacted with it over the same time frame.
- In other words, the Trump organization's offering took up 11x the mindshare of a prior headline-grabbing token launch.
What they're saying: "It's clear that investors saw an opportunity for profit," CEO David Kemmerer said in a statement.
By the numbers: The President's token, Official Trump, reached a high of $73.43 on January 19.
- It's been trading around $40 since the inauguration, however.
What we're watching: How the price holds up when more of the presidential tokens get released into the market.
- New supply dilutes the value for existing holders, in most cases.
Go deeper: Blockchain veterans made uneasy by Trump joining their ranks
