Google searches for “crypto” have reached their highest level since November 2021, driven by former US President Donald Trump’s unexpected entry into the memecoin market. According to Google Trends data, the surge followed the release of Trump’s official memecoin project on 18 January, just days ahead of his inauguration.

Trump and Melania’s Memecoins Make Headlines

Trump launched the “Official Trump” (TRUMP) token, soon followed by First Lady Melania Trump’s self-titled memecoin, “Melania Meme” (MELANIA). Both tokens saw a sharp initial rise but later experienced significant declines. Despite this, the memecoin releases captured global attention and revitalised public interest in cryptocurrency.

Google searches for related terms, including “memecoin,” “buy crypto,” and “Solana,” also surged during this period. The renewed interest mirrors levels last seen when Bitcoin hit an all-time high of over $67,000 in November 2021.

Crypto Apps Dominate App Stores

The memecoin frenzy extended beyond search engines, driving crypto-focused applications to dominate the finance category in the US Apple App Store. By 22 January, platforms like Crypto.com, Moonshot, and Coinbase topped the rankings, with other notable apps such as Coinbase Wallet, Robinhood, and Binance.US featuring in the top 30 free finance apps.

Impact on Solana Network

The launch of Trump’s memecoin also brought a boost to the Solana blockchain network. Data from digital asset custody provider Copper.co showed that new Solana wallet addresses reached nearly nine million on a single day, marking a new record.

New Investors Enter the Market

The memecoin launch attracted a wave of first-time crypto investors. A survey by NFT Evening on 20 January revealed that 42% of TRUMP token buyers were entering the crypto market for the first time.

Concerns Over Security and Scams

While the memecoins have reignited interest in cryptocurrency, they have also raised concerns about potential risks. Crypto scam investigator Coffeezilla criticised the launch, describing it as an event that “should be a crime.”

US Congresswoman Maxine Waters also voiced concerns on 22 January, cautioning lawmakers about potential national security risks associated with the Trump memecoin project.

Market Losses and Price Drops

Not all investors benefitted from the memecoin hype. Since peaking, the TRUMP token’s price has dropped by 53%, resulting in significant losses for some community members. Reports suggest millions were lost as the tokens’ values plummeted.

A Double-Edged Sword for Crypto

Trump’s memecoin venture has undeniably brought cryptocurrency back into the spotlight, drawing interest from new investors and sparking wider conversations about the market. However, it has also underscored the volatility and risks associated with speculative tokens, leaving both enthusiasts and regulators on high alert.