Trump ushering in new ‘era of memecoins,’ analysts call for altseason
Summary
The Trump family launched the Official Trump (TRUMP) memecoin and the Official Melania (MELANIA) token on the Solana network in January 2024, coinciding with Donald Trump's presidential inauguration. The launches are viewed as a significant moment for the crypto industry, potentially reviving interest in memecoins and altcoins. The TRUMP token peaked at a market cap of over $14.9 billion but fell by over 27% shortly after, losing $5 billion in market cap within 40 minutes of the MELANIA launch. Analysts suggest this could indicate a shift towards high-risk investments in smaller cryptocurrencies, with some expressing concerns about potential "pump and dump" schemes associated with the launches.
