WEEKLY UPDATE: $TRUMP Coin Explodes

Plus Ross is freed from prison and Trump declares the US the capital of AI and Crypto

Author

will stauner
January 23, 2025

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THE PHENOM CRYPTO LETTER

GM,

Welcome to this week's Phenom Weekly Update, where the crypto world continues to blur the lines between reality and satire. First up, President-elect Donald Trump has launched his own cryptocurrency, aptly named $TRUMP, which skyrocketed from $10 to over $70 per token before settling back down. Not to be outdone, Melania Trump introduced $MELANIA, adding another layer to the Trump family's crypto ventures.

Meanwhile, in a move that has both supporters cheering and critics shaking their heads, Trump has granted a full pardon to Ross Ulbricht, the founder of the Silk Road marketplace, releasing him after over a decade behind bars. It's been a week of headlines that feel straight out of a movie script. Let's dive into the details and implications of these developments.

Jump to :

$TRUMP Memecoin: Love It or Hate It, It’s Pumping 

Well, folks, 2024 wasn’t done surprising us, and now we’ve got $TRUMP—yes, that Trump—with his very own memecoin on Solana. Because if there’s one thing the world was missing, it was a memecoin launched by a former U.S. president. And guess what? It’s not just another random coin—it’s a rocket ship.

Within hours of launch, $TRUMP exploded in price, skyrocketing from under $10 to a peak of $74.59, settling around $52. This meteoric rise catapulted its market capitalization to nearly $11 billion, making it the 18th largest cryptocurrency by market cap. Not bad for a coin that didn't exist a week ago.

Now, I know what you’re thinking: “A memecoin? Seriously?” But hear me out—$TRUMP isn’t just a coin; it’s an event. Half the buyers are MAGA diehards who’ll probably HODL forever, while the other half are degens treating this like a game of hot potato. Either way, it’s a goldmine (for now).

What’s wild is how quickly this coin rippled across the broader market. Solana saw a spike in activity (take that, Ethereum), and other memecoins like DOGE and SHIB even got tiny pumps just because, well, memes. But here’s the kicker: everyone’s talking about it. It’s dominating Twitter, er, X, sparking debates about politics, branding, and how far we’ve all fallen as a species.

Of course, this could all fizzle out faster than Trump University, but for now, $TRUMP is the king of the memecoin castle. If nothing else, it’s a masterclass in leveraging branding to pump the market.

So, will $TRUMP actually change anything? Probably not. But it’s fun, it’s ridiculous, and it’s proof that crypto is still the wildest game in town.

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READING CORNER

A collection of longer form content we are consuming this week 

NEWS

Quick Hitters from the week

THE TWITTERVERSE

A collection of the most interesting stuff on Crypto Twitter this week

Banks are going to get involved in crypto in a BIG way under this admin

Lots of drama in ETH world this week…

To all the BTC maxis screaming that Trump didn’t immediately announce a SBR

MEMES

For the (crypto) Culture

I thought I was 😭

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