Memetics and Politics Hold the Key to $TRUMP’s Staying Power
The post Memetics and Politics Hold the Key to $TRUMP’s Staying Power appeared first on Coinpedia Fintech News
US President Donald Trump launched the Official Trump meme token ($TRUMP) on the Solana blockchain on Friday, January 17. On Inauguration Day, its market value soared to more than $10 billion, while enthusiasm over his pro-crypto administration helped lift Bitcoin to a new all-time high of $109,000.
Trump’s memecoin rose from just $4.29 on January 18 to as high as $74.59 before reversing some gains. On January 21, the $TRUMP token was trading at $33.37, according to CoinGecko, down 46.7% in the last 24 hours. According to the Official Trump website, the Trump Organization and affiliates hold 80% of the coins.
The new president’s support for crypto is overwhelmingly evident. The Trump family also has financial interests in the crypto-related World Liberty Financial. Friday’s Crypto Ball attracted industry leaders such as Coinbase CEO Brian Armstrong and Kraken co-founder Jesse Powell, whose exchanges make the coin available to ordinary investors. $TRUMP can also be purchased on Binance, Bybit, OKX, Bitget, KuCoin, etc. The Trump family followed up on this success with the introduction of $MELANIA on January 19, named after the first lady. The coin quickly added more than 40% to its value, surpassing a market cap of $2 billion.
$TRUMP project data
At the time of writing, the market cap of Official Trump was $6.57 billion, and the coin ranked #30 on CoinGecko. The market cap is calculated by multiplying the number of $TRUMP tokens in circulation by the token price. The current market supply available for trading is 200 million tokens. The maximum supply of $TRUMP is set at a billion tokens, and the coin’s fully diluted valuation (FDV) is $32.83 billion. This is a statistical representation of the upper limit of the market cap, assuming all the tokens to be issued were already in circulation. Depending on the emission schedule of the tokens, it can take years to realize the FDV.
The time between launching a cryptocurrency and its listing on centralized exchanges varies widely, depending on factors such as the project’s visibility, funding, community support, and exchange-specific listing requirements. Some projects are listed within weeks of their initial launch, especially if strong teams, funding, or partnerships back them. However, most projects need 3 to 12 months to secure a listing on a major CEX. This period allows the project to build a user base, demonstrate technological progress, and meet exchange criteria.
Exploring memetics theory
The listing of $TRUMP was practically immediate. Critics argue that this casts doubt on the coin’s prospects and, indeed, most memecoins are speculative and transient in nature. However, the memetics theory would appear to counter that argument, at least where some tokens are concerned. This theory considers cultural evolution based on Darwinian principles, with the meme as the culture unit. Biologist Richard Dawkins coined the term “meme” in his 1976 book The Selfish Gene. He maintains that all evolutionary processes depend on copying and selecting information, a process referred to as variation with selective retention. The replicator conveys the information being copied, while genes function as replicators in biological evolution. According to Dawkins, cultural evolution is driven by the same process. The meme is the second replicator. Dawkins cites examples such as fashion, technology, and music. We can add memecoins to the list. Similarly to genes, the properties of memes influence their chances of being replicated and passed on.
In other words, the valuable and useful ones survive and thrive. Let’s take LADYS, a memecoin founded in 2023, as an example. It captured organic attention right from the get-go and then received a nod from Elon Musk on X, leading to a huge spike in the price. Musk tweeted, “There is no meme, I love you.” He did not think LADYS was a copy of a copy like most memes but represented an actual asset. Users can purchase the token on centralized exchanges like KuCoin, Bybit, HTX, Gate.io, MEXC, Crypto.com, Bitget, and more. They must undergo an ID verification process on some of these exchanges and fund their account to buy LADYS.
Will $TRUMP return to its all-time high?
The price trajectory will likely depend on whether Donald Trump achieves goals like economic growth, reducing inflation, taking control of the Panama Canal, etc. The $TRUMP token is poised to become a barometer of the president’s popularity and the impact of his new laws. Recent policy announcements, such as proposed tariffs on Mexico and Canada, have introduced market uncertainties. These developments have caused fluctuations in traditional financial markets and could indirectly affect the cryptocurrency sector, including $TRUMP.
The new administration has embraced the sector, though. Trump promised the US would become “the crypto capital of the planet” during his campaign. He is expected to end the “reign of terror” of the Securities and Exchange Commission (SEC) in its previous composition, which became notorious for stifling enforcement actions. Paul Atkins, CEO of a consulting firm with crypto clients and former US Securities and Exchange Commissioner, will lead the SEC. Atkins supports cryptocurrencies and disagreed with some of the Commission’s measures against the US crypto industry during his tenure. Trump also appointed venture capitalist David Sacks to guide crypto and artificial intelligence.
Cryptocurrency could get a boost from a GOP-controlled Congress. Republican Rep. French Hill, who chairs the Financial Services Committee, has pushed for measures to support the industry. While President Trump’s supportive crypto policies may create a conducive environment for $TRUMP’s appreciation, factors like centralized token ownership and broader economic policies could contribute to price volatility.
