(This piece is a sponsored article published in Spotlight, BusinessWorld’s paid section, thus it does not represent BusinessWorld’s perspective on the issue. BusinessWorld does not endorse any cryptocurrency and assumes no legal responsibility for any outcomes resulting from reading cryptocurrency-related advertisements featured on its platforms. Readers are encouraged to conduct thorough research and comprehend potential risks before engaging with cryptocurrency products or services.)
The Solana blockchain has been attracting attention with the debut of two political meme tokens: TRUMP and MELANIA. Both tokens have experienced significant price fluctuations, with TRUMP escalating rapidly before experiencing a sharp decline, while MELANIA has seen impressive growth.
TRUMP and MELANIA’s price volatility stirs the market
TRUMP token had a robust initial performance, hitting $75.35 shortly after its launch, elevating its market capitalization to $15 billion. At its peak, it even exceeded the trading volume of other well-known meme tokens.
However, the introduction of MELANIA resulted in TRUMP’s value plummeting by more than 50% within a mere two hours. While some recovery signs have appeared, it has yet to regain its previous high.
Conversely, MELANIA token experienced an astounding surge of over 10,000%, reaching approximately $12.70. It now dominates trading volume charts, surpassing notable tokens like SHIB.
Both tokens have captured the interest of the cryptocurrency community and rank among the most sought-after tokens on CoinMarketCap.
Token allocation raises concerns — an examination of TRUMP and MELANIA
The swift ascent of these meme tokens has sparked some apprehensions.
TRUMP token emerged shortly before a significant political event and is managed by entities associated with the Trump Organization. These entities possess 80% of the total supply, which will be released gradually over the forthcoming three years.
MELANIA token, which asserts a fair distribution, has also come under scrutiny. Blockchain experts discovered that nearly 89% of its total supply was initially held in a single wallet before being divided into four distinct wallets.
Notwithstanding these concerns, both tokens continue to generate interest and now collectively boast nearly 1.3 million holders, according to blockchain analytics.
Trump’s influence on the cryptocurrency market
The emergence of political meme tokens like TRUMP and MELANIA is drawing greater attention to Solana-based initiatives. One such initiative, Solaxy, is already benefiting from the rising interest in Solana. Although Solaxy is not directly linked to the political meme token phenomenon, the recent spotlight on Solana, prompted by TRUMP token, has enhanced its visibility.
As Solana’s ecosystem expands, projects like Solaxy and others could assume a more prominent role in the decentralized finance (DeFi) domain, harnessing the momentum created by these meme tokens. The success of political meme tokens, particularly TRUMP, has infused new vitality into the market, illustrating how these tokens have established their own distinct niche within the wider cryptocurrency landscape. With robust community support and ongoing political dialogue driving their momentum, the future of TRUMP token remains uncertain, but is definitely one to monitor.
Spotlight is BusinessWorld’s paid section allowing advertisers to enhance their brand and connect with BusinessWorld’s audience by sharing their stories on the BusinessWorld website. For further details, send an email to online@bworldonline.com.
Join us on Viber at https://bit.ly/3hv6bLA for more updates and subscribe to BusinessWorld’s publications for exclusive content through www.bworld-x.com.