Today in Crypto: Key Trends and Events Impacting Bitcoin, Blockchain, DeFi, NFTs, and Web3
Stay updated with the latest developments shaping the crypto space, from memecoin volatility to search trends and regulatory speculation.
Melania Trump’s Memecoin Launch Impacts Trump’s Token
The Official Melania Meme is live!
— MELANIA TRUMP (@MELANIATRUMP) January 19, 2025
You can buy $MELANIA now. https://t.co/8FXvlMBhVf
FUAfBo2jgks6gB4Z4LfZkqSZgzNucisEHqnNebaRxM1P pic.twitter.com/t2vYiahRn6
Donald Trump’s self-branded memecoin, Official Trump (TRUMP), saw a sharp decline after Melania Trump introduced her own token, Melania Meme (MELANIA).
- Melania’s Token Performance: Launched on January 19, MELANIA reached a peak market cap of $13 billion within four hours but has since stabilized at around $10.5 billion.
- TRUMP’s Decline: TRUMP hit $14.92 billion just as MELANIA launched but dropped to $7.8 billion within 2.5 hours, nearly halving in value from $74.6 to under $40. It later rebounded to $61 in early January 20 trading.
Simultaneously, World Liberty Financial, Trump’s DeFi platform, completed an initial sale of 20% of its token supply and began selling an additional 5 billion tokens, raising the price from 1.5 cents to 5 cents each.
Google Search Volumes Surge for Crypto Terms
Google search activity for crypto-related terms spiked alongside the launch of Trump’s memecoin. On January 19, search interest hit a score of 100 (the maximum), driven by the TRUMP token’s market buzz.
The surge reflects growing public interest in cryptocurrencies as Trump prepares to assume office on January 20, 2025. Industry analysts are optimistic that the new administration will bring a more favorable regulatory environment for blockchain and crypto adoption.
Controversy Surrounding TRUMP Memecoin and Insider Trading Allegations
Insider Trading Concerns:
On-chain data from Bubblemaps revealed suspicious trading activity involving a wallet funded with $1 million hours before TRUMP’s launch. This wallet purchased $5.9 million worth of TRUMP tokens within the first minute, later selling $20 million and holding $96 million in tokens. The tokens were then distributed across 10 wallets, actively trading on Solana-based decentralized exchanges (DEXs).
Allocation Structure Questions:
Preetam Rao, CEO of QuillAudits, highlighted potential red flags in the token’s structure:
- Concentrated Holdings: The top 10 holders control 89.06% of the supply.
- Ownership Ties: Eighty percent of the supply is locked by CIC Digital, a company linked to the Donald Trump Revocable Trust, which previously launched Trump NFT Trading Cards.
- Lack of Clarity: There is uncertainty around the liquidity pool burn status.
“While this might appear as a way to generate revenue, it could also establish a foundation for innovation in the U.S. crypto sector,” Rao commented.
Industry Divided Over Trump’s Crypto Ambitions
Opinions remain mixed on the impact of Trump’s memecoin. Supporters see it as a sign of growing political interest in blockchain, while critics view it as a potential “pump-and-dump” scheme.
As the Trump administration takes charge, the crypto community watches closely to see if these developments lead to greater blockchain adoption or increased scrutiny of high-profile crypto projects.
