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President's Coin Anniversary, TRUMP: From Myth of 200 Billion Dollar 8-Hour Express to Over 90% Value Loss Desolation
BlockBeats News, January 18, today last year at 10 a.m. (UTC+8), Trump announced the launch of his personal Meme coin TRUMP on Truth Social, with an initial market cap of $1 billion, triggering a crypto market frenzy. The community was divided on whether Trump's account had been hacked. Half an hour later, the TRUMP market cap surged to $1.5 billion, with a trading volume of $123 million. At 10:38, TRUMP experienced a short but steep drop, plummeting over 50%, and the market cap briefly touched $1.3 billion.
At 10:44, the market saw a turning point when Trump used his X account to repost tweets about the "launch of the official Meme coin TRUMP," dispelling the community's doubts about Trump's account being hacked. Subsequently, the TRUMP market cap skyrocketed, launching a Moonshot at 11:22, with the fully diluted valuation (FDV) skyrocketing to over $4 billion. At 11:29, TRUMP's FDV surpassed $5 billion, and at 13:07, after 3 hours of launching, FDV exceeded $10 billion. By 13:59, within 4 hours of launch, the FDV quickly passed $13 billion, reaching $16 billion by 14:13. Due to the intense market activity, Binance announced a suspension of SOL withdrawals.
By afternoon 18:11, TRUMP achieved a milestone of surpassing $20 billion in FDV within 8 hours, ranking fourth in the Meme coin market cap, following only DOGE, SHIB, and PEPE. The next day, TRUMP reached its peak price of around $77, corresponding to a fully diluted market cap of $770 billion, with a circulating market cap of approximately $154 billion. Today, TRUMP's price is now $5.3, with a market cap of only $24.5 billion and a fully diluted market cap of $53 billion, a total market cap drop of over 90% from its peak.
Trump's decision to issue a personal Meme token on the eve of his inauguration marks the deep involvement of political figures in the crypto space. The "President's Coin" ushered in an unprecedented hype cycle in the market but also triggered the largest interest conflict and moral condemnation to date. Behind the exhilarating myth of sudden wealth, millions of retail investors are left holding the bag as the frenzy subsides. Is the crypto market truly ruled by hype, or should it uphold the vision of decentralization, aiming to disrupt traditional finance and move forward? What has Trump really changed, bringing new value conflicts and reflections to the crypto space?
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