Trump’s Crypto Coup: 14% of Americans Snap up TRUMP Memecoin Amid Controversy

Trump’s Crypto Coup: 14% of Americans Snap up TRUMP Memecoin Amid Controversy

A new study has found that 14% of Americans have acquired Donald Trump’s memecoin, $TRUMP, since its launch on Jan. 17.

Americans Prefer Memecoins With Extensive Media Coverage

One in seven Americans, or 14% of the population, have acquired Donald Trump’s memecoin, $TRUMP, since its launch on Jan. 18, according to a study. Although its appeal seemed to wane hours before Trump’s inauguration, the memecoin has garnered more interest than Melania Trump’s memecoin, $MELANIA.

A survey of 1,092 Americans conducted by NFT Evening and Storible also found that three times as many U.S. citizens bought $TRUMP as those who purchased $MELANIA. The survey report suggests that Americans may prefer tokens that receive more media attention.

The survey also explored the demographics of $TRUMP and $MELANIA buyers, providing insight into the types of investors drawn to these memecoins.

“Moreover, 42% of those who bought either TRUMP or MELANIA are first-time crypto buyers. This could signal that these coins are serving as an entry point for many newcomers to the world of cryptocurrency, driven by their political endorsements and perceived novelty.”

Profitability and Controversy Surrounding Memecoins

Meanwhile, a survey conducted on inauguration day found that a large majority of buyers for both Melania Trump’s and Donald Trump’s memecoins were profitable. About 86% of $MELANIA buyers were in profit, compared to 81% for $TRUMP buyers.

These findings align with the performance of each memecoin hours before Trump’s inauguration. According to a Bitcoin.com News report published hours before the event, the first lady’s memecoin had outperformed her husband’s, which was down over 17% at the time.

However, the launch of the two memecoins has sparked controversy. Some critics on social media platform X accuse Trump of using his position to benefit his family, while others label memecoins as scams. More than half (55%) of respondents believe Trump and his wife are using their influence to manipulate the crypto market. Nearly 75% think the launch of $TRUMP memecoin harms the crypto market.

“Among this group, 98% have refrained from purchasing $TRUMP, signaling a clear divide between those participating in the trend and those wary of its potential risks,” the report added.