TL;DR
Donald Trump’s meme coin TRUMP ranked as the top trending token on January 21, despite its market cap falling from $14.5 billion to $8.5 billion.
MELANIA and DOGE followed next, with the latter gaining attention due to its connection with Elon Musk’s new government initiative.
These Memes Steal the Show
Donald Trump officially became the 47th President of the United States on January 20. Besides his success on the political scene, the Republican made huge waves in the crypto sector, launching his own meme coin on January 18.
The token, called Official Trump (TRUMP), stunned the crypto community by experiencing an impressive price increase mere hours later. Its market cap briefly soared past $14.5 billion, making it the second-biggest meme coin (trailing only behind DOGE). TRUMP has lost some steam in the past few days, and its current capitalization is less than $8.5 billion. Thus, Shiba Inu (SHIB) reclaimed the second spot.
Despite its retreat, the buzz surrounding the Trump-themed meme coin remains more than evident. According to Santiment, it ranked as the top trending token across the entire crypto sector on January 21.
“TRUMP is being discussed following its controversial listing on Coinbase, and the risks involved in investing during a volatile market,” the data analytics platform stated.
The US-based cryptocurrency exchange is among the latest to embrace the meme coin. Prior to that, Binance, Bybit, and many more allowed trading services with it.
Interestingly, the second-most trending token is also related to the Trump family – MELANIA, the official meme coin of America’s first lady.
“MELANIA is trending due to the recent launch of the meme coin, generating immediate significant market activity and volatility. Discussions highlight its association with the Trump meme coin,” Santiment explained.
Similar to TRUMP, MELANIA witnessed a remarkable rally during the first hours of its existence. Its market capitalization climbed above $2 billion on January 20 before tumbling to the current $600 million.
Who’s Third?
The Trump-themed tokens have been more trending than the biggest meme coin in terms of market cap – Dogecoin (DOGE). According to Santiment, the dog-themed asset claimed the third spot, with its rising popularity linked to its association with the newly launched US Department of Government Efficiency (D.O.G.E.), led by Elon Musk.
“This initiative has sparked discussion as it intertwines cryptocurrency with government operations, generating buzz on social media. Additionally, discussions around the potential for new meme coins linked to public figures like Trump and Musk contribute to the speculation about Dogecoin’s future performance and relevance in the crypto space,” the platform added.
Tesla’s CEO is known as a firm supporter of the OG meme coin, often praising it on social media. As such, DOGE proponents have raised hopes that he will continue endorsing the asset while being at the helm of the aforementioned division.
As CryptoPotato reported on January 21, DOGE’s valuation briefly pumped by double digits after the department’s official website featured the meme coin’s logo. We have yet to see whether there will be further announcements that can influence the price in the near future.
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