The official meme coin of United States President Donald Trump has been a roaring success since its launch five days ago, witnessing high trading activity and investor participation.

Data analyzed by the on-chain intelligence firm CryptoQuant now shows that Official Trump (TRUMP) has recorded roughly $38 billion in total trading volume across centralized crypto exchanges since its release on January 17. The tokens spot trading volume topped $17 billion on January 19; however, the recent figure indicates that the volume has almost doubled over the past few days.

The TRUMP Pump

CryptoQuant found that the worlds largest crypto exchange, Binance, dominated the spot trading volume with $16 billion, while other platforms like OKX and Bybit followed suit with $7 billion and $6 billion, respectively.

The Trump meme was promoted as a cryptocurrency created to express support for and engagement with Trumps beliefs and ideals. These coins exist on the Solana blockchain, and 200 million TRUMP are currently in circulation, with the total supply expected to grow to one billion over the next three years.

Less than two days after its launch, TRUMP became one of the top 20 altcoins on CoinGecko and CoinMarketCap (now at number 25), with a market cap of nearly $15 billion. The rally also made the token the second-biggest meme coin, trailing behind Dogecoin (DOGE).

Official Trumps pump had never been seen before in the crypto space, so during the next few days after its launch, it ranked as the top trending token across the entire sector.

Significant Correction

Amid the growth in Official Trumps market cap and spot trading volume, the tokens price skyrocketed from 0 to $72 in less than 48 hours. Although the meme coin’s price had corrected significantly by the time of writing, and it was trading at $35.88 on CoinMarketCap, TRUMP is still up more than 450% from its January 18 trading price of $7.

Noteworthily, Official Trumps market cap now hovers around $7.18 billion, and analysts have attributed this drop in price and market cap to the launch of MELANIA, a competing meme coin by First Lady Melania Trump.

Interestingly, President Trump attempted to downplay the success of TRUMP at a press briefing a day after his inauguration; however, it cannot be denied that the memecoins pump created new crypto millionaires overnight.