Official Trump (TRUMP) continues to garner attention with its remarkable growth. After massive price surges since its debut, the coin’s market valuation overtook that of SHIB, positioning it as the second-largest meme coin in the digital asset ecosystem. That is according to fresh metrics released by Lookonchain today.
Trump overtakes Shiba Inu
As per data shared by Lookonchain, the market capitalization of Official Trump rose to $13.22 billion today, surpassing Shiba Inu’s $12.37 billion market cap. This rise enabled Official Trump to claim its position as the second-largest meme coin by market cap after overtaking SHIB.
This performance marks a significant growth for TRUMP’s price due to its tremendous increasing popularity among crypto investors and traders. Recently, lots of traders invested in the meme coin to capitalize on its potential for substantial returns.
Ahead of his installation as US president, Trump shook up the digital asset market with the rollout of his digital asset, popularly known as Official Trump.
The new digital asset, which was launched on the Solana protocol, gained massive attention, particularly from Donald Trump’s followers on social media.
Trump launched his coin on Friday, January 17, 2025, ahead of his installment as the 47th American president.
The token’s market cap rose immensely with a 220% rise, surging to $4.25 billion within hours after its debut. Its trading volume reached $1 billion when its price stood at $7.1 compared to its initial trading price of $0.18.
Today, the Trump coin achieved another significant milestone after reaching a $13.22 billion market cap, transcending that of SHIB’s $12.37 billion.
Why is Shiba Inu struggling?
Recent turmoil in the digital asset market has led to substantial volatility for SHIB. The asset is currently trading at $0.0000217, down 4.9% over the previous day. Its price has been down 0.6% in the last seven days, highlighting its lost steam.
All these figures reflect its worrying downward trend, despite a recent initiative, which led burning of over 66 million tokens to decrease the circulating supply last Thursday.
Despite these commitments, SHIB prices continue to slump, highlighting the limitations of coin-burning mechanisms against market forces. Such happening cast doubt on the efficiency of such strategies in a complex economic system.
While market analysts believe that huge token reduction efforts could boost prices in the long run, there has to be a corresponding rise in market demand and trading volume. What can positively impact SHIB’s future price movements are wider market sentiments, just like what is happening to the Trump coin currently.
