(This text is a paid content published on Highlight, BusinessWorld’s sponsored section, and due to this fact doesn’t reflect BusinessWorld’s views on the matter. BusinessWorld doesn’t endorse any cryptocurrency and doesn’t have any legal liability on any decisions derived from reading cryptocurrency-related advertisements published on its platforms. Readers are advised to thoroughly research and understand potential risks before availing cryptocurrency services or products.)
The Solana blockchain has been gaining attention with the launch of two political meme coins: TRUMP and MELANIA. Each coins have seen big price changes, with TRUMP rising quickly before falling sharply, while MELANIA has surged impressively.
TRUMP and MELANIA’s price swings shake up the market
TRUMP coin had a powerful start, reaching $75.35 inside days of its launch and pushing its market value to $15 billion. At one point, it even surpassed other popular meme coins in each day trading volume.
Nonetheless, the launch of MELANIA caused TRUMP’s price to drop by over 50% in only two hours. Although there have been some signs of recovery, it has not yet returned to its peak value.
However, MELANIA coin saw an incredible increase of over 10,000%, reaching about $12.70. It now leads trading volume charts, even outperforming well-known coins like SHIB.
Each coins have captured the crypto community’s attention and are amongst probably the most searched tokens on CoinMarketCap.
Token distribution raises questions — a better have a look at Trump and Melania
The rapid rise of those meme coins has raised some concerns.
TRUMP coin was launched shortly before a significant political event and is controlled by firms linked to the Trump Organization. These firms hold 80% of the full supply, which shall be progressively released over the subsequent three years.
MELANIA coin, which claims to have a good distribution, has also faced scrutiny. Blockchain analysts found that nearly 89% of its supply was initially stored in a single wallet before being split into 4 separate wallets.
Despite these concerns, each coins proceed to draw interest and now have a combined total of nearly 1.3 million holders, based on blockchain data.
Trump’s impact on the crypto market
The rise of political meme coins like TRUMP and MELANIA is bringing more attention to Solana-based projects. One such project, Solaxy, is already seeing the advantages of this growing interest in Solana. While Solaxy isn’t directly linked to the political meme coin trend, the recent concentrate on Solana, as influenced by Trump coin, has put it within the highlight.
As Solana’s ecosystem grows, projects like Solaxy and others could play a bigger role within the decentralized finance (DeFi) space, tapping into the momentum generated by these meme coins.The success of political meme coins, particularly TRUMP, has injected fresh energy into the market, revealing how these coins have carved out their very own unique area of interest inside the broader crypto landscape. With strong community support and ongoing political discourse fueling their momentum, TRUMP coin’s future stays uncertain, but definitely value maintaining a tally of.
Highlight is BusinessWorld’s sponsored section that enables advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Website online. For more information, send an email to online@bworldonline.com.
Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.
