In this past week, we got lots of surprises within the meme coin community and market. With the emergence of $TRUMP, $MILENIA, and even $BARRON, this was a really interesting event to observe and discuss.
This raises some questions for myself: have we really reached our peak with how meme tokens are potentially taking over the market? And are utility tokens dead?
The $TRUMP and His Token Family
The crypto world was surprised by former US President Donald Trump launching his own token on Solana. This event received a mix of reactions from people in the crypto community. Many made fun of the token, some doubted it, and others invested in it. In a nutshell, the market was hyped about $TRUMP because the token was released near his inauguration and was expected to move significantly upward.
However, a few days before the inauguration, his wife launched her own token with the ticker $MILENIA on Solana. This event led many people to FOMO once more, and a lot of inflow from $TRUMP shifted to $MILENIA, causing $TRUMP to drop significantly at that time.
In another case, $BARRON was also circulating in the meme token space. Unfortunately, the viral one was a token that is unofficial and ended up being rugged.
Are Utility Coins Dead?
With $TRUMP and $MILENIA gaining the attention they wanted and reaching a stagnant amount in the double-digit billions of USD, is meme the key to buy now? Not quite.
Just like your normal days in crypto, meme-utility-alts-bitcoin-AI is just a cycle of trends that have been happening in this space. It’s the same old trend bringing lots of new people together while also creating a lot of noise.
These trends show that a lot of interest has been focused on observing the crypto space while also bringing in new spectators to see what could happen on-chain, especially when degen trading is the new trend among traders. This is especially true after the GME shenanigan that happened a few years ago.
On another note, utility tokens like $FLUX, $ETH, $BNB, and many others are still striving to build and create a welcoming space for people to engage and thrive on the chain. Many developers on these chains continue to develop their DApps, growing steadily and progressively while contributing positively to the crypto space.
In this case, while observing the Trump meme shenanigans, it's likely that a lot of degen trading will lead people to learn more about utility coins, fostering new and interesting interactions in the process.
Hopefully,
Fingers crossed lol
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Anyway, that's my point of view on this $TRUMP and his family meme tokens.
What are your thoughts? Feel free to share them in the comments.
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