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The recent launch of the "TRUMP" memecoin on the Solana blockchain has generated significant attention in the cryptocurrency space. This unexpected development has driven substantial inflows into Solana, propelling its price to a new all-time high (ATH) of over $270 as traders across various blockchains seek to capitalize on the price action associated with the token.
Currently, the TRUMP token boasts a fully diluted market cap of approximately $27 billion, with a circulating market cap of $5.5 billion. Notably, the Trump team controls 80% of the token's supply, which is locked for the next three years. This introduces a supply constraint that could influence market dynamics as the unlock schedule progresses. For context, the Trump-branded stock, DJT, has a market cap of around $9 billion.
In the short term, the TRUMP memecoin’s association with Solana has injected considerable momentum into the blockchain. However, the sustainability of this surge will depend on the project's execution, long-term adoption, and the broader market's response.
For Solana, this surge in interest could solidify its position as a leading blockchain platform. Nevertheless, questions remain regarding the longevity of this price action and the broader implications of celebrity-driven projects on the market's stability.
https://www.coingecko.com/en/coins/official-trump
BY Fat Pig Signals
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