Donald Trump Cryptos Trigger $80B Memecoin Market Boom

The memecoin market, led by Dogecoin (DOGE) and Shiba Inu (SHIB), has seen a sharp rise in daily trading volume, largely due to the launch of memecoin projects tied to Donald and Melania Trump.

On Monday, January 20, during the early New York session, the 24-hour average trading volume for these memecoins jumped by more than 118%, reaching around $80 billion. This dramatic rise points to growing excitement in the memecoin sector, driven by high-profile new projects.

The deep liquidity of TRUMP and MELANIA memecoins has attracted more mainstream investors to the cryptocurrency industry. On the Solana (SOL) network, several DeFi protocols – led by Phantom wallet – reported huge transaction congestion leading to a major outage and fee spike. 

Trump’s Election Victory Boosts FOMO in Crypto

The impact of Donald Trump’s victory in the recent elections continues to influence the cryptocurrency world. His win has sparked FOMO (Fear of Missing Out) trading, particularly in the memecoin sector. Ki Young Ju, the founder and CEO of CryptoQuant, predicts that the memecoin industry will grow significantly under a Trump administration.

He believes that decentralized cryptocurrencies will remain central to the global financial system in the coming years.

“Like it or not, let’s just admit it and prepare for the next wave,” Ju noted.

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Watch for Rug Pulls!

Despite the excitement, Ju urges caution for memecoin traders. He warns that celebrity-driven projects often come with the risk of rug pulls, especially because many of these projects lack solid fundamentals. Given that most memecoins are speculative by nature, Ju stresses the need for careful research before investing in any new tokens.

“If a celebrity coin issuer avoids rug-pulling and takes responsibility for their sales, it’s not as harmful as you might think. Even Bitcoin had its fair share of pyramid scheme promoters in the early days, selling to elderly investors,” Ju added.

The memecoin craze may be riding high today, but as the market matures, investors will need to remain careful to find true long-term success.

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