US President Donald Trump's recent foray
into the memecoin market has ignited remarkable interest
in cryptocurrencies, driving Google search interest for the term "crypto" to its highest level since 2021. Just days before his inauguration on January 18, Trump formally launched the Official Trump (TRUMP) token. Following this, First Lady Melania Trump also made headlines with her own memecoin named Melania Meme (MELANIA). While both crypto assets saw initial positive reception, they faced sharp declines soon after.
Google Trends data indicates the term "crypto" reached peak interest levels following the launch of the TRUMP memecoin. This sharp increase mirrored search interest metrics from November 2021, when Bitcoin (BTC) soared to its then all-time high surpassing $67,000. The keywords "memecoin," "buy crypto," and "Solana" similarly noted significant surges around the time Trump debuted his cryptocurrency.
Beyond mere search interest, the TRUMP memecoin stimulated notable spikes in downloads for various crypto-related applications. On January 22, finance apps increasingly dominated the App Store's top charts, with names like Crypto.com, Moonshot, and Coinbase leading the pack. Notable mentions also included Coinbase Wallet, Robinhood, and others ranking within the top 30 free apps category.
Interestingly, data from asset custody services revealed the TRUMP memecoin launch did not merely attract experienced investors. Instead, it appeared to pull many first-time crypto investors. A survey conducted on January 20 by NFTevening revealed 42% of those purchasing the TRUMP memecoin were entering the cryptocurrency market for the first time.
Of course, not everyone viewed Trump's memecoin initiative with optimism. Some experts cautioned against potential risks associated with the sudden surge of interest. Investigative crypto commentator Coffeezilla voiced concerns, describing the memecoin launch as something akin to criminality. California Representative Maxine Waters added to the criticism, advising fellow lawmakers of the possible risks to national security posed by the TRUMP memecoin.
While initial reactions to the memecoins were predominantly positive, their subsequent performance raised eyebrows. Prices of the TRUMP and MELANIA tokens plummeted by more than 60% from their peaks, with various community members reporting personal losses totaling millions.
The prominent surge stirred by Trump’s venture encapsulates the volatile nature of cryptocurrency trading, where emotions often outweigh careful consideration and analytical approach. Investors caught up during the initial excitement may need to tread lightly, aware of the potential pitfalls amid the speculative fervor as they engage with these memecoins.
This outpouring of interest surrounding the TRUMP and MELANIA tokens also reflects broader economic narratives shaping the crypto market as it reclaims significance. With many observing possible new heights during 2025 within the crypto sector, it remains to be seen what lasting impact, if any, this phenomenon will have on market dynamics as demand fluctuates.