Rapid Insights: TRUMP and MELANIA Memecoins Impact Onchain

The TRUMP memecoin was launched on January 17, 2025, and was soon after endorsed by President-elect Donald Trump via social media Truth Social and X. The earliest liquidity pool for the TRUMP memecoin was deployed on January 17, 2025, at approximately 10:15 pm Eastern Time. At that time, the fully diluted valuation (FDV) for the token was slightly above $700k. In the 48 hours following its launch, the token witnessed a rapid surge in price, peaking at over $75 billion in FDV, representing close to a 10,000X in price; an unprecedented rally, even for crypto.

On January 19, 2025, Melania endorsed the launch of the MELANIA memecoin on X. President-elect Donald Trump also subsequently retweeted Melania Trump’s endorsement tweet. However, the crypto markets did not react well to the launch of the MELANIA memecoin, with the TRUMP memecoin’s price falling by over 48% following MELANIA’s launch, alongside a broader market pullback. Since then, the MELANIA memecoin has continued to rally higher, and the TRUMP memecoin stabilized in price. It is hard to determine the net impacts of these memecoins on the crypto industry. Still, two things are certain: one, these two memecoins will see high volatility heading into President-elect Donald Trump’s inauguration, and two, these memecoins are significantly elevating on-chain activity on Solana.