The Donald Trump-affiliated Official Trump (TRUMP) memecoin has surged in the past 24 hours, with forecasts suggesting its price could double by Jan. 20.
TRUMP memecoin to “100 Billy”
Arthur Hayes, the co-founder of cryptocurrency exchange BitMEX, has stirred the crypto community with his latest commentary on the burgeoning memecoin.
“More than halfway there,” Hayes said on Jan. 19, as TRUMP was trading for around $60.
“Degens let’s celebrate the emperor by sending his memecoin to 100 Billy by Monday.”
This rallying cry was a call to action and a prediction of the memecoin’s trajectory. Hayes hinted at a $100 billion market cap by the day of Donald Trump’s US Presidential inauguration on Jan. 20.
The TRUMP memecoin rally has become one of the most talked-about events in the crypto space over the past few days given its association with the US president-elect.
Official Trump 15-min. candle chart. Source: TradingView
Launched just two days before his official inauguration, the TRUMP memecoin has experienced an unprecedented surge in value, reaching a market capitalization of over $12 billion, or $75 billion in fully diluted value, in mere days — placing it in the top 20 cryptocurrencies by market cap at the time of writing.
It has also boosted the value of Solana (SOL) toward new all-time highs, particularly against its top rival, Ether (ETH).
Related: Insider trading allegations surface as TRUMP memecoin floods Solana DEXs
This rapid growth has significantly reshaped the crypto market landscape overnight, with liquidity shifting away from other altcoins toward this new memecoin.
Political accountability onchain?
The memecoin’s listing on major exchanges, like Binance and Coinbase, has facilitated the meteoric rise by making it accessible to a broader audience and contributing to its market cap growth.
Source: Arthur Hayes
Hayes also hinted at writing an essay arguing that TRUMP could bring political accountability onchain, utilizing memes, greed, grift, decentralized exchanges (DEXs) and free markets as tools.
This suggests a deeper narrative where memecoins could serve as a medium for political expression and engagement, potentially influencing how political figures interact with their supporters in the digital age.
Hayes’ vision of TRUMP as more than just a speculative asset but a vehicle for political discourse, adding another layer to the ongoing memecoin frenzy.
Related: TRUMP memecoin hits top 15 worldwide in 48 hours, sparking tax cut rumors
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.