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The memecoin industry, led by Dogecoin (DOGE) and Shiba Inu (SHIB), has registered a sharp uptick in daily average traded volume following the strategic launch of Donald Trump and Melania Trump memecoin projects.
According to the latest market data, the memecoin’s 24-hour average trading volume surged by over 118 percent to hover about $80 billion on Monday, January 20, during the early New York session.Â
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.Â
Memecoin Outlook Under Trump AdministrationÂ
The historic victory of Donald Trump in last year’s elections has increased the level of FOMO trading in the cryptocurrency industry, especially memecoins. According to Ki Young Ju, the founder and CEO of CryptoQuant, the memecoin industry will grow massively under the Trump administration, as the decentralized crypto market remains the global financial meeting point in the coming years.
“Like it or not, let’s just admit it and prepare for the next wave,” Ju noted.
The combination of tech billionaire Elon Musk, who heavily supports Dogecoin, and Trump will trigger major crypto cash inflows in the near future. Moreover, the Musk-backed X platform has obtained money transmitter licenses from over 30 states in the United States ahead of the X Payment launch in 2025.
However, Ju cautioned memecoin traders of potential rug pulls, especially from celebrity memes. The low fundamentals in the majority of memecoin projects mean that investors must undertake thorough research before entering any memecoin community.Â
“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.
