According to Coinbase director Conor Grogan, President Donald Trump's team has accumulated $802 million in digital assets since launching the TRUMP meme coin just over two weeks ago. More than half of that amount—$482 million—comprising USDC, SOL, and meme coins, has been moved to exchanges. In a February 3 post, Grogan revealed that the team holds $240 million in USDC stablecoins outside of scope liquidity, another $50 million within scope, and has generated over $29.3 million in USDC fees. Notably, the team still retains TRUMP meme coins valued at $16 billion.
Unprecedented Scale of Meme Coin Launch
Grogan commented, "This $800M+ liquidity event dwarfs even the Bored Ape Otherside launch ($285M raised + $181M burned in gas). And I haven't even included the Melania meme launch…" He noted that the team may not have sold all the crypto sent to exchanges, but stressed that his estimates are otherwise conservative.
Surge in Search Interest Signals Market Mania
The TRUMP meme coin surged above $70 just hours before Trump's inauguration but has since declined. On February 3, it fell below $20 for the first time since January 18, with a market cap of approximately $18.5 billion. However, its launch has dramatically boosted public interest in cryptocurrencies. Analysis by NFT Plaza shows that searches for 'crypto' and 'buy crypto' have soared 203% and 376% respectively over the past year, while phrases like 'how to buy meme coins' and 'best meme coins to buy' skyrocketed 9,900%.
Risk Warnings and Market Reflection
Chris Thomas, spokesperson for NFT Plazas, stated that the TRUMP meme coin launch "demonstrates the uncertainty of cryptocurrency investments, where rapid price fluctuations and high speculation can lead to significant financial risk." He added that while the frenzy triggered by Trump and his wife's meme coins has sparked temporary interest, it also serves as a stark reminder to investors of the risks inherent in digital assets. Market participants chasing profits should be cautious of the volatility and potential losses associated with meme coins.