The $Trump token was the first of its kind and is now described as one of the biggest crypto onboarding events in the sector’s history.
As the United States celebrates Presidents’ Day, the Trump meme project’s team also announced an airdrop incentive for those who showed their support during the election season.
January 17, 2025, saw the launch of the $Trump meme, and it took not just the crypto ecosystem but also the world of trad-fi by storm, onboarding almost one million Trump loyalists to crypto, with 50% of holders being first-time crypto users.
Trump, the gift that keeps on giving
According to the official meme site, those eligible for the airdrop can claim three $Trump coins until March 1 for purchasing official merchandise. The claim page includes a message informing participants that the airdrop is Trump’s way of rewarding those who showed him love by buying a Trump product.
Those eligible for the token claim can redeem their rewards through Crossmint; all they need to do is input the email address they used for their Trump product purchase. Every mail gets the same allocation regardless of how many products were purchased.
The airdrop seems to be a part of a wider strategy from the Trump team to parlay holders of the $Trump meme into an active crypto community the site is aiming will be the “Biggest, Strongest Crypto Community the World has ever experienced!”
The $Trump meme was a mixed bag for the crypto ecosystem
Solana became the go-to chain for memecoins in this crypto cycle thanks to its rapid capabilities.
However, the network has also led to significant losses for the newer, less experienced players, and that was before the POTUS, arguably the most powerful man on earth right now, decided to get fully involved with crypto.
It all started with Trump endorsing crypto during his campaign. Then, he launched the official $Trump meme on the weekend before his inauguration, which made profits for some and losses for many. Since the meme launched, there have been mixed reactions regarding its impact on the ecosystem, with the demerits seemingly outweighing the merits.
One camp believes the $Trump meme has helped the crypto space gain significant exposure and attract new users. Nevermind that the coin lacks a real use case or intrinsic value.
For the most part, they are right; the meme did expose the larger mass of otherwise non-crypto-oriented noobs to crypto, Solana, and memes. However, those new users have been getting the undiluted experience of market volatility, which is also thanks to Trump and his memes.
Those who have problems with the $Trump meme have accused it of draining liquidity from the space as those who made profits from investing cashed in their earnings. This extracted billions in liquidity from other memecoins and altcoins is making an already hard-to-trade market even more difficult to navigate.
There is also the volatility linked to the meme’s hype, which saw its market cap surge to $14.5 billion at peak hours before crashing by about 70%.
Since the launch, the space has seen a new wave of celebrity memes, including one from Trump’s wife, Melania. There have also been rumors of other presidents following Trump’s lead to create a memecoin like Faustin-Archange Touadéra, who reportedly launched $CAR.
Critics also blame the $Trump meme for seemingly encouraging market manipulation at a crucial time for the space as it seeks mass adoption. The immediate liquidity extraction from the recently launched LIBRA meme backed by Argentine president Javier Milei does not help matters.
Things have gotten so bad that one user even mused out loud, asking if Gary Gensler’s combative SEC had not been saving us from ourselves before.