Trump Memecoin Price Rally

President-elect Donald Trump’s memecoin, Official Trump, has seen an incredible price rally, reaching a $13.5 billion market cap and breaking into the top 20 coins on CoinGecko.

At its all-time high, the memecoin was valued at $67 per token, and had a fully diluted valuation of $67.5 billion. Currently, the token has slightly dipped to $66 per token.

Key Factors Influencing Price

Significant exchange listings have contributed to the recent surge in price. The memecoin was listed on Binance and has been added to the roadmap of Coinbase. Additionally, the decentralized exchange Hyperliquid has listed the token as well.

Despite the impressive rally, the memecoin faces challenges due to its high fully diluted valuation relative to its market cap. In just three months, insiders will unlock 80% of the supply reserved for them, releasing 40 million tokens worth $2.7 billion. This could introduce selling pressure as more tokens unlock daily. Maintaining a stable price amidst this potential selling will be crucial.

Utilization of Proceeds

The Trump team has utilized proceeds from the memecoin to purchase Solana tokens. On-chain data reveals that they spent $5 million in USDC to buy wrapped Solana tokens through decentralized exchanges like Jupiter, Orca, and SolFi.

Newcomers in Crypto

So far, the memecoin has attracted a significant influx of users into the crypto space. Moonshot reports that 400,000 individuals have established accounts to buy the TRUMP memecoin since its launch just over a day ago. However, a crash in price could lead to negative consequences.