- TRUMP memecoin surged 22.7% and was trading at $43.41.
- CryptoQuant CEO shifts stance, credits Trump for sparking the “era of memecoins.”
Memecoins have recently captured significant attention, especially following the launch of President Donald Trump’s Official Trump [TRUMP] memecoin.
According to the latest data from CoinGecko, the total market capitalization of memecoins had surged to $121 billion, reflecting a 5.3% increase in the past 24 hours.
This remarkable growth has sparked renewed enthusiasm, even among individuals who were previously skeptical of these digital assets.
CryptoQuant CEO’s turnaround
Notably, CryptoQuant CEO Ki Young Ju, once a vocal critic, has revised his perspective, now recognizing the growth and potential of these cryptocurrencies.
For those unaware, earlier, Young Ju criticized memecoins, referring to them as “gambling products” and highlighting the challenges faced by the broader crypto industry.
However, on the 20th of January, Young Ju took to X (formerly Twitter) to acknowledge the growing influence of meme tokens.
The CEO noted,
“As long as a meme has enough mindshare, memecoins can take on countless forms in the future. The possibilities are practically endless. Celebrity coins, like $TRUMP, are just one example.”
He added,
“The underlying reality of financial markets behaving like memes isn’t going away, so it’s worth considering how to make the most of it. With its decentralized nature, crypto is a fully global, unrestricted market, meaning even more meme-like assets will inevitably emerge.”
In his recent X post, Ki Young Ju said,
“Memecoins are the spiritual energy of internet society.”
Where does the value come from?
Young Ju praised the TRUMP memecoin, noting it doesn’t derive value from traditional investments or tangible creations. Instead, its worth comes from building a strong community of supporters who rally behind Trump and his goals.
He advised considering how much influence this group could have during Trump’s presidency.
With such a loyal fan base, he believes the coin is unlikely to lose all its value—unless Trump himself decides to ‘pull the rug’.
Market trend and what lies ahead…
As expected, the TRUMP memecoin surged by 22.7% in the last 24 hours and was trading at $43.41, at the time of writing, according to CoinGecko.
However, AMBCrypto’s recent analysis highlighted that the token had settled into a short-term range between $31.3 and $40, with $35.7 flipping from resistance to support.
Therefore, given the memecoin’s tendency for sudden spikes, traders should stay vigilant for breakouts accompanied by significant volume, which could signal an opportunity to go long.
