Trump's call to 'Make crypto great again' is not just a campaign slogan; it has become a reality in the crypto world.
On April 23, the TRUMP meme coin surged over 50%, skyrocketing from $9 to $14, solely because of news that the top 220 coin holders would be invited to a private dinner with Trump, and the top 25 would even get to visit the White House!
This is not only speculation, but also a real experiment in 'politics + crypto': those with more coins have the opportunity to gain rare social resources. A meal involves the intertwined game of identity, capital, and politics. Holding coins may not just be for becoming rich, but also betting on a brand new social ticket.
TRUMP token: A microcosm of a political speculation game.
Despite a market value of over $2.6 billion, the TRUMP token remains a high-risk speculation centered around political uncertainty. Its token structure and market performance reveal typical manipulation and gaming characteristics in the crypto world.
1. Concentration of holdings: The game of the speculators.
On-chain data shows that the top 10 addresses control 82% of the circulating volume, with 80% held by the project team yet to be unlocked, bringing multiple risks:
Market manipulation: The 50% surge on April 23 cost less than $20 million;
Selling pressure risk: Token unlocking may trigger a crash;
False liquidity boom: Although daily trading exceeds $3.8 billion, spot liquidity is less than $5 million.
Such a structure breeds intense volatility. It surged to $75 in January due to favorable election conditions, but plummeted 86% within three months, with many retail investors being harvested.
2. Futures frenzy: Hidden dangers under leverage.
According to CoinGlass, the open interest in TRUMP futures reached $700 million, surpassing LINK and LTC, ranking in the top ten of the market, exposing high speculation and potential liquidation risks.
The $58 billion meme coin frenzy: Is the altcoin season really here?
The surge of TRUMP and other meme coins is not an isolated case. According to Coinge data, the total market value of meme coins is nearing $58 billion, with Bonk and Trump seeing weekly increases of over 100%, and even Fartcoin breaking the $1 billion market value. This wave may be a precursor to the start of the 'altcoin season.'
Capital rotation has already appeared: Bitcoin's market share is the barometer.
History shows that whenever BTC's market share hits a high, funds often flow to altcoins within two months. Currently, this indicator has reached 64.3%, a new high since 2021, indicating a macro foundation for altcoin movements.
Conclusion: The 'coming of age' of the crypto market.
The explosive popularity of TRUMP is a combination of political narrative and speculative culture. When holding coins becomes a ticket to the dinner, the meme coin with a market value of $58 billion is no longer just a joke; it symbolizes the transition of the crypto market from the margins to the mainstream.
That's all for the article! If you're feeling lost in the crypto world, consider strategizing and harvesting with me!
