Trump memecoin drives Solana addresses to new heights

The recent launch of the TRUMP memecoin has led to a remarkable increase in new Solana addresses, coinciding with the excitement surrounding Donald Trump's inauguration.

According to data from Copper.co, nearly 9 million new addresses were created on the Solana blockchain as users engaged with the meme-friendly platform.

This surge reflects a growing trend where Solana is increasingly associated with high-profile events and figures.

“Solana, once seen as the poster child of [Sam Bankman-Fried], is now linked to a sitting US President,” Copper.co noted.

This shift highlights how the blockchain is becoming a focal point for meme-based cryptocurrencies, despite ongoing debates about their utility.

The TRUMP coin was officially launched on January 17 with a total supply of 1 billion tokens.

Following its introduction, the token's market capitalisation skyrocketed to over $12 billion, showcasing the intense interest it generated.

“I don’t know where it is. I don’t know much about it other than I launched it, other than it was very successful,” Trump himself commented on the memecoin.

However, the TRUMP token has experienced significant volatility since its peak price of $73.43 on January 19, dropping to around $38 shortly thereafter.

In a parallel move, First Lady Melania Trump also launched her own memecoin, which attracted approximately 500,000 users within hours.

Critics have raised concerns about the tokenomics of both coins, particularly regarding the concentration of ownership and potential risks of a “rug pull.”

Analysts have pointed out that nearly 80% of the TRUMP token supply is controlled by insiders.

As Solana continues to gain traction as a platform for memecoins, it achieved a record of over 100 million active wallets in October 2024.

The current landscape illustrates both opportunities and challenges within the cryptocurrency space as it adapts to new trends and regulatory environments.

At the time of reporting, the Solana (SOL) price was $247.64.