The TRUMP memecoin created significant buzz leading up to Inauguration Day, achieving a market cap exceeding $12 billion. This surge attracted a massive influx of new Solana addresses, reaching nearly 9 million daily, as users gravitated towards the blockchain. Data from the on-chain analytics platform Glassnode facilitated this insight. In January, there was a noteworthy rise in active Solana addresses, climbing from about 500,000 at the beginning of the year. The TRUMP coin, which launched on January 17 with a total supply of 1 billion, experienced extreme volatility, peaking at $73.43 on January 19 before dropping nearly 50% to around $38. The memecoin phenomenon extended beyond Donald Trump, as First Lady Melania Trump also introduced her own memecoin, quickly garnering around 500,000 users. However, this venture raised concerns of potential manipulation, with reports indicating that 90% of the token supply could be concentrated in a single wallet.

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