The recent buzz around the Trump memecoin has pushed new Solana addresses to an all-time high. The TRUMP memecoin even hit a market cap of over $12 billion before Inauguration Day.

As excitement built for Donald Trump’s inauguration, many users flocked to Solana, known for its meme-friendly blockchain. According to Copper.co, the daily count of new Solana addresses nearly reached 9 million as the big day approached. This data comes from the on-chain analytics platform Glassnode.

Copper.co noted a significant shift for Solana. It went from being associated with Sam Bankman-Fried to now being linked to a sitting U.S. President. Some people argue that the memes promoted by the then-President-elect aren't the best use of blockchain technology. Others believe that this is just how capitalism works.

In 2024, Solana became the go-to network for launching memecoins. While some criticize memecoins for lacking real utility, they do allow users to monetize community and internet culture, especially in the crypto space.

The memecoin craze helped Solana achieve a record 100 million active wallets in October. This is a huge leap from about 500,000 active addresses per month at the start of 2024.

The Official Trump (TRUMP) memecoin launched on January 17, with a total supply of 1 billion tokens. After a remarkable rally, its market cap soared above $12 billion. Although closely tied to Trump, he later admitted he didn’t know much about the token.

“I don’t know where it is. I don’t know much about it other than I launched it, other than it was very successful,” Trump said. After hitting a peak price of $73.43 on January 19, the TRUMP token has since dropped by nearly half, now trading around $38, according to CoinGecko.

The excitement didn’t stop with the President. First Lady Melania Trump also launched her own memecoin shortly before Inauguration Day. This move attracted around 500,000 users within just a few hours, as reported by DEX Screener. However, some analysts raised concerns about Melania’s memecoin, suggesting it showed signs of a potential “rug pull,” with nearly 90% of the token supply held in a single wallet.