US President Donald Trump’s recent foray into the memecoin market drove Google search interest for the term “crypto” to its highest level since 2021.
On Jan. 18, Trump launched an official memecoin project just two days before his inauguration. Following the launch of the Official Trump (TRUMP) token, First Lady Melania Trump also launched a self-titled memecoin, Melania Meme (MELANIA). Both crypto assets performed well during launch but eventually saw sharp declines.
Google Trends data revealed a surge in search interest for “crypto” following Trump’s memecoin release. The term reached its highest peak since November 2021, when Bitcoin (BTC) hit an all-time high above $67,000.
Google search interest for the keyword “crypto.” Source: Google Trends
The keywords “memecoin,” “buy crypto” and “Solana” had similar surges in search interest at the time Trump released his official meme token.
The Trump memecoin effect
Apart from search interest, the TRUMP memecoin also spurred a surge in interest in crypto-related apps. On Jan. 22, crypto-focused applications dominated the finance category of Apple’s App Store in the US. The top three applications included crypto trading platforms Crypto.com, Moonshot and Coinbase.
Other apps like Coinbase Wallet, Robinhood, Binance.US, DEX Screener and Kraken also ranked among the top 30 free apps in the category.
In addition, the memecoin release also caused the number of new Solana addresses to reach a new all-time high. Data from digital asset custody service Copper showed that the daily number of new Solana addresses reached nearly 9 million before Trump’s inauguration.
Trump’s memecoin release attracted many first-time crypto investors. On Jan. 20, a survey by NFTevening showed that 42% of TRUMP memecoin buyers had bought crypto for the first time.
Related: Memecoins and art market share similar economics — Ki Young Ju
Trump memecoin comes with risks
While some perceive the TRUMP memecoin putting crypto in the limelight as a positive development, others think the event comes with its own risks. Crypto scam investigator Coffeezilla said the memecoin launch “should be a crime.”
On Jan. 22, California Representative Maxine Waters warned lawmakers that Trump’s memecoin potentially comes with risks to national security.
Furthermore, not everyone who traded the memecoin had a happy ending, as the memecoin’s price has dropped by over 60% since its peak. Community members have reported millions in losses.
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