Whereas the TRUMP token introduced appreciable consideration to the crypto market, it struggled to onboard substantial new capital. That is the takeaway from the comparative evaluation of TRUMP’s market cap versus the entire worth of the crypto market.

The memecoin launched with vital impression final week, reaching a market cap of over $10 billion on its first day, however has since dropped to roughly $5.3 billion on the time of writing. In the meantime, the entire market cap of all cryptocurrencies has fluctuated round $3.5 trillion, in line with information from TradingView and CoinDesk.

“Whereas $TRUMP is now price billions, the entire crypto market cap has barely moved. And whereas it is a actually attention-grabbing headline to say that 400,000 customers have been onboarded, Phantom was the primary app for somewhat bit, and it looks like the entire world was listening to this token, I believe what we really did was onboard lots of consideration,” Garrison Yang, co-founder of main worldwide Web3 gaming studio Mirai Labs, mentioned in an electronic mail.

“In terms of precise liquidity and the capital that entered the token, little or no of it (on a worth foundation) was from new individuals. Sadly, we ended up shifting the recent ball of cash round. And you may see this, particularly on-chain with alts on Solana, and the quantity of liquidity quickly funneled into the Solana ecosystem,” Yang added.

Research by Chainalysis final week confirmed that roughly 50% of TRUMP and MELANIA token holders have been possible first-time Solana-based token patrons.