Former US President Donald Trump’s unexpected move into the memecoin market has pushed global search interest for “crypto” to its highest level in over three years.
On January 18, just days before his inauguration, Trump unveiled his own memecoin project. Dubbed the Official Trump Token (TRUMP), the release was shortly followed by First Lady Melania Trump’s memecoin, Melania Meme (MELANIA). While both tokens saw strong initial demand, they eventually experienced significant price drops.
According to Google Trends data, searches for the term “crypto” spiked dramatically after Trump’s memecoin debut. The surge marked the most significant interest in the topic since November 2021, when Bitcoin reached its record high of over $67,000.
Searches for related terms like “memecoin,” “buy crypto,” and “Solana” also saw a notable rise during the release of Trump’s token.
The Ripple Effects of Trump’s Memecoin
Trump’s memecoin launch didn’t just impact search trends—it also spurred heightened activity across the crypto sector. By January 22, crypto-related apps had climbed to dominate the finance category of Apple’s App Store in the United States. Top contenders included Crypto.com, Moonshot, and Coinbase.
Other apps like Robinhood, Binance.US, Coinbase Wallet, DEX Screener, and Kraken also ranked prominently among the top free downloads.
The memecoin release coincided with a significant uptick in new Solana addresses. Data from Copper, a digital asset custody provider, indicated nearly 9 million new Solana addresses were created leading up to Trump’s inauguration, setting a new milestone.
A survey by NFTevening further revealed that Trump’s tokens attracted many newcomers to crypto. On January 20, 42% of TRUMP token buyers reported purchasing cryptocurrency for the first time.
Potential Risks and Fallout
While Trump’s memecoin venture has drawn fresh attention to crypto, it hasn’t been without controversy. Critics argue that the project may pose risks. Popular crypto commentator Coffeezilla called the initiative “a potential fraud,” suggesting it should face legal scrutiny.
California Representative Maxine Waters echoed concerns on January 22, cautioning lawmakers about potential national security risks tied to the memecoin.
Moreover, the rapid decline in token prices has left many investors nursing losses. The TRUMP token has plunged over 60% from its peak, with community reports indicating millions of dollars in losses.
Despite the mixed outcomes, Trump’s memecoin experiment has undeniably reignited public interest in cryptocurrency, cementing its place in financial headlines once again.
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