Trump's Memecoin Surge: Crypto Searches Skyrocket, Apps Boom, First-Time Investors Flood In

Former U.S. President Donald Trump's recent foray into the memecoin market has sparked significant interest in cryptocurrencies, with Google searches for the term "crypto" reaching a three-year high. The launch of Trump's official memecoin project, just days before his inauguration, drove the surge in search interest, with the term "crypto" reaching its peak since November 2021, when Bitcoin (BTC) hit an all-time high above $67,000.

The keywords "memecoin," "buy crypto," and "Solana" also saw similar surges in search interest at the time of Trump's official meme token release. The Trump memecoin effect extended beyond search interest, spurring a surge in interest in crypto-related apps. On Jan. 22, crypto-focused applications dominated the finance category of Apple's App Store in the US, with top three applications including crypto trading platforms Crypto.com, Moonshot, and Coinbase. Other apps like Coinbase Wallet, Robinhood, Binance.US, DEX Screener, and Kraken also ranked among the top 30 free apps in the category.

The memecoin release also caused new Solana addresses to reach a new all-time high. Data from digital asset custody service Copper.co showed that the daily number of new Solana addresses reached nearly nine million before Trump's inauguration. In addition to boosting the popularity of crypto apps and the Solana network, Trump's memecoin release attracted first-time crypto investors. On Jan. 20, a survey by NFT Evening showed that 42% of Trump memecoin buyers bought crypto for the first time.

While some perceived the Trump memecoin putting crypto in the limelight as a positive development, others think the event comes with its own risks. Crypto scam investigator Coffeezillabelieves the memecoin launch "should be a crime." On Jan. 22, California Representative Maxine Waters warned lawmakers that Trump's memecoin potentially comes with risks to national security. Furthermore, not everyone who traded the memecoin had a happy ending, as the memecoin's price dropped by 53% since its peak, leaving community members disappointed.

The cryptocurrency market is facing a significant downturn, with notable declines in altcoins such as TRUMP and ONDO. Despite the overall bearish trend,