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- As per Chainalysis, on-chain statistics reveal that the main buyers of Trump meme coins are individual investors.
- A significant number of buyers established their wallets on the same day they acquired the tokens.
The vast majority of buyers of the contentious Donald Trump meme coin are individual investors, many of whom are engaging in their initial token acquisitions through Solana.
This data originates from an investigation by blockchain analysis company Chainalysis, which examined wallet interactions associated with the acquisition of TRUMP and MELANIA meme coins since the previous weekend.
Chainalysis announced on the X platform, “These are mainly new retail purchasers, with nearly half setting up wallets on the same day they acquired the tokens.”
On-chain statistics also suggest that around 50% of individuals holding TRUMP and/or MELANIA tokens have never bought other Solana tokens, aside from stablecoins like SOL and Circle’s USDC. TruBit Collaborates with Morpho to Introduce DeFi Unearned Revenue in Latin America
On January 17, just days ahead of his inauguration, Trump astonished the cryptocurrency sector by introducing an official meme coin on the Solana blockchain. Many perceive Trump’s meme coin as a quick profit chance and caution that it could negatively impact an already contentious industry.
Frontend developer Cameron Chisholm remarked to DL News, “Anyone familiar with our domain understands that meme coins are fundamentally gambling instruments, and celebrity meme coins are frequently regarded as undesirable and a scam.”
According to on-chain statistics gathered by GeckoTerminal, over 782,000 distinct wallets possess Trump meme coins.
Chainalysis discovered that most meme coins in these wallets are valued at less than $100, with over 80% of investors holding assets on Solana worth under $1,000, further illustrating their appeal among individual investors.
Trump’s position as president may provide inexperienced meme coin purchasers with a misleading sense of security, while leaving those who incur losses on the tokens feeling caught off guard.
Meme currencies, which are humorous tokens traded purely based on their popularity, have experienced a significant rise in interest over the last year. Their extreme fluctuations have drawn in retail investors eager to strike it rich quickly. Nevertheless, for every success story, there are countless individuals facing considerable financial setbacks.
**Trump Meme Currency**
In the initial days following its introduction, the market value of the TRUMP token soared to $15 billion. However, its worth has since decreased by half due to Melania Trump launching her own meme currency and Trump not referencing cryptocurrency during his inauguration address. The Melania token may have diverted investors from the Trump meme currency as they hurried to put their money into the newest Trump family token. Despite the downturn, the Trump meme currency still stands as the third-largest meme token in the cryptocurrency market, trailing behind Dogecoin and Shiba Inu, which boast market valuations of $51 billion and $11 billion, respectively.
**Whale Activities**
While small retail investors constitute the majority of TRUMP holders, they are not the ones reaping the greatest rewards. As per Chainalysis, 60 wallets associated with whales have generated over $10 million in earnings from trading TRUMP. Whales are entities that possess substantial quantities of crypto assets, often amounting to millions. Chainalysis highlights that whales also control a significant portion of the holdings, with around 40 whale wallets owning 94% of all TRUMP or MELANIA tokens. An investigation by DL News previously pinpointed two whales who each invested approximately $1 million shortly after TRUMP’s debut. At that moment, their investments had escalated to $304 million and $78 million, respectively.
