A recent survey revealed that many buyers of the Official Trump (TRUMP) and Official Melania (MELANIA) memecoins were first-time cryptocurrency investors, indicating that the tokens played a role in driving broader crypto adoption in the US.
President Donald Trump launched his own memecoin on Jan. 18, attracting significant interest. The token peaked at $72.62, with a market capitalization of around $14.5 billion. Following Trump’s memecoin launch, First Lady Melania Trump also released her MELANIA token to the market.
The survey, conducted on Jan. 20 by NFT Evening, asked 1,092 Americans to identify trends and sentiments surrounding the memecoins launched by the Trump family. The survey found that 14%, or one in seven participants, had purchased the TRUMP memecoin.
Among those buyers, 42% were purchasing cryptocurrency for the first time, suggesting that the tokens are serving as an entry point for new investors in the crypto space.
Trump memecoins signal broader crypto acceptance
In a statement sent to Cointelegraph, Ben Zhou, the co-founder and CEO of crypto exchange Bybit, said that the Trump family’s memecoins show a shift in crypto acceptance:
“The year 2024 marked the beginning of a shift toward broader cryptocurrency acceptance, and the launch of new coins by President Donald Trump and First Lady Melania sets a powerful precedence for what is to come.”
Zhou added that he expects accelerated growth in Web3, decentralized finance and blockchain. He said the TRUMP token shows a shift toward onchain trading and a movement into the Web3 era.
Meanwhile, Andreas Brekken, the founder and CEO of trading platform SideShift.ai, said Trump showed the world he can “create billions of dollars out of thin air.” In a statement sent to Cointelegraph, Brekken said the move contributed to crypto adoption.
“It’s a power-play that has brought hundreds of thousands, if not millions, of new retail users to the space. Many have on-ramped from fiat, used a wallet and traded on a DEX. This is onboarding on steroids,” he said.
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Up to 75% of respondents think the TRUMP token is harmful to crypto
While some industry leaders say the memecoins have contributed to crypto adoption, most survey respondents expressed concerns about their impact on the industry. According to the survey, 75% of participants said the TRUMP memecoin harms the crypto market
Americans’ opinion on the Trump memecoin. Source: NFT evening
The respondents raised concerns about the long-term effects of tokens driven by political figures on the crypto industry’s integrity and stability.
Additionally, 55% of those surveyed said Trump and his wife are using their influence to manipulate the crypto market.
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