The meme coin sector, led by Dogecoin (DOGE) and Shiba Inu (SHIB), has experienced a dramatic rise in daily transaction volume following the strategic launch of Trump and Melania meme coin projects. According to Ki Young Ju, CEO of CryptoQuant, the meme coin phenomenon is poised to grow significantly throughout Trump’s term, marking a pivotal shift in the crypto landscape.
Meme Coin Transaction Volume Hits Record High
Recent market data reveals that the average 24-hour transaction volume for meme coins surged by over 118% on January 20, reaching approximately $80 billion. The deep liquidity of Trump and Melania meme coins has drawn mainstream investors into the crypto space. Meanwhile, the Solana (SOL) network faced notable congestion, with the Phantom wallet reporting significant disruptions due to increased transaction activity and fee spikes.
The Trump Effect on Crypto Markets
Donald Trump’s historic election victory has intensified FOMO trading across the cryptocurrency sector, particularly within the meme coin market. CryptoQuant CEO Ki Young Ju emphasized that the decentralized crypto market is set to remain a global financial hub in the coming years. He stated, “Whether we like it or not, we must accept this trend and prepare for the next wave.”
Elon Musk’s Role in the Meme Coin Ecosystem
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Elon Musk’s support for Dogecoin and the integration of X Payment—a feature of his X platform—is expected to further accelerate meme coin adoption. The X Payment system has already secured money transmitter licenses across more than 30 U.S. states, creating a robust infrastructure for crypto transactions. However, Ju warned investors about potential rug pull risks associated with meme coins, urging them to conduct thorough research before engaging with any project.
Risks and Opportunities in the Meme Coin Market
Ju noted that the success of meme coins largely depends on the accountability of their creators. “If a prominent figure avoids rug-pulling and takes responsibility for their sales, the damage is far less severe,” he added. He also highlighted that even Bitcoin faced skepticism in its early days due to pyramid scheme accusations.
What’s Next for Investors?
As the meme coin market continues to expand, driven by strategic launches and increasing mainstream acceptance, it presents both lucrative opportunities and significant risks. Investors must remain vigilant and well-informed to navigate this dynamic space effectively.
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