Hold onto your hats, folks, because the crypto world just got a jolt of excitement! Searches for “Bitcoin” and “Crypto” are soaring on Google Trends, thanks to the unexpected debut of the Official Trump (TRUMP) meme coin. This surge in interest is like a shot of adrenaline to the retail crypto crowd, with terms like “buy crypto” and “buy Solana” hitting record highs on Google Trends.
The timing couldn't have been more perfect, as this meme coin launch happens right before the president's big day. Google Trends shows a fever pitch of curiosity, with “Coinbase” and “crypto app” searches also getting a hefty boost. Meanwhile, “Bitcoin” searches have maxed out at a score of 100, while “Crypto” isn't far behind, scoring a 92 as of January 20.
Over on social media, it's a tweeting frenzy! “Bitcoin” mentions on X skyrocketed from 247,000 to a jaw-dropping 495,000 in just a week, while “Ethereum” isn't lagging either, with mentions jumping from 73,600 to 293,000. This buzz suggests that retail investors and influencers are diving headfirst into the crypto conversation.
The meme coin buzz started when President Trump launched his new token over the weekend. Initially, there was some side-eyeing from traders who questioned its authenticity, given the sea of similar tokens out there. But when Trump took the stage on X, declaring, “My new Official Trump meme is here! It is time to celebrate everything we stand for: Winning!” the coin's credibility soared.
Once confirmed legit, TRUMP's value shot up like a rocket, peaking at $75.35 with a market cap of over $15 billion just as the president was gearing up to take office. But, oh, how the mighty have fallen! The glitz didn't last long, with TRUMP's market cap now hovering around $7.7 billion and the price tumbling 32.3% to $38.90, according to CoinGecko.
Interestingly, Solana's native token, SOL, also rode the wave of hype, reaching an all-time high of around $293. Analysts are attributing this SOL surge to the excitement surrounding the TRUMP meme coin.
While many crypto enthusiasts see this as a landmark event for the sector, not everyone is jumping on the bandwagon. Balaji Srinivasan, former CTO of Coinbase, has words of caution, describing meme coins as a “zero-sum lottery” with no real wealth creation. So, while the crypto party is in full swing, it's worth keeping a level head!
