From 1 billion to 77 billion, a 90% drop: The crypto miracle and dilemma created by political figure Meme coins

【Block Rhythm】On the morning of January 18, a message from Truth Social caused a huge stir in the crypto community—Trump announced the launch of his personal Meme coin, TRUMP.

Upon launch, the market cap was directly reported at $1 billion, and the entire community instantly exploded. Some cheered excitedly, others questioned whether the account had been hacked. Market sentiment was extremely polarized. But the turning point came six minutes later—Trump reposted and confirmed the tweet on his X account, which directly dispelled all doubts. The concerns about account hacking vanished.

The real madness began. The market cap of TRUMP skyrocketed like a rocket, reaching $1.5 billion within half an hour, with a total trading volume of $123 million. However, there was a刺激—at 10:38, a sharp drop of over 50% occurred, and the market cap fell back to $1.3 billion, causing many late buyers to be instantly trapped.

But that was just a detour. At 10:44, the market experienced a genuine turning point. As the confirmation tweet from Trump spread, market sentiment completely reversed. TRUMP began a new surge. At 11:22, Moonshot was launched, and the FDV (Fully Diluted Valuation) broke through $4 billion simultaneously. Just seven minutes later, the FDV surged past $5 billion.

Every hour thereafter set new records. Three hours after launch, FDV surpassed $10 billion. Four hours after launch, it quickly reached $13 billion. At 14:13, FDV hit $16 billion. The market’s high enthusiasm triggered a chain reaction—one major exchange had to suspend SOL withdrawals to cope with trading congestion.

By 18:11 in the afternoon, TRUMP achieved an absolute speed of going from $0 to a $200 billion FDV within 8 hours, jumping to the fourth place in the Meme coin market cap rankings, only behind DOGE, SHIB, and PEPE. This growth rate was unprecedented in crypto history.

The peak occurred the next day, with the coin price reaching about $77, corresponding to a fully diluted market cap of $770 billion. But this was just a fleeting moment. Now, TRUMP’s price has fallen to $5.3, with a market cap shrunk to $2.45 billion, and the fully diluted market cap at $5.3 billion. It has fallen over 90% from the peak.

The significance of this event goes far beyond the wild rise and fall of a Meme coin. A political figure choosing to issue a personal token on the eve of inauguration is a first in history. It has brought unprecedented attention to the crypto market, but also exposed the deepest contradictions within this ecosystem—what is the true essence of this movement?

Is it about hype and traffic at all costs, or about adhering to the ideals of decentralization and disrupting traditional finance? Does political power entering the crypto space bring opportunities or threats? Behind the FOMO of millions of retail investors, is it truly about the possibility of financial freedom, or the helpless reality of being exploited? These questions become especially sharp amid TRUMP’s rapid rise and fall. The crypto market is undergoing an unprecedented value system introspection.