Original | Odaily Planet Daily
Author | Nan Zhi
Last Saturday at 10 AM, Trump issued the official Meme token TRUMP, and within two days, its maximum FDV briefly surpassed $80 billion, surpassing DOGE to rank sixth in cryptocurrency market capitalization.
During the bulldozer-like rise of TRUMP, it first drained tokens on the Solana chain, especially the previously popular AI tokens, which all fell sharply. As more users withdrew SOL to the chain, other secondary market tokens were also drained, with SOL nearing 300 USDT, while ETH dropped to around 3150 USDT.
However, the plot soon reversed again, as WLFI continuously bought ETH, and "First Lady" Melania released her Meme token MELANIA tonight, causing the ETH/SOL exchange rate to rebound significantly.
This article aims to summarize the price fluctuations of various tokens in the two days following the issuance of the TRUMP token, studying which tokens remained resilient during the draining market and which tokens have been abandoned by the market.
Basic Situation
In the analysis of the secondary market, this article has recorded the following time points:
Before and after the token issuance: January 18 at 10:00 AM;
First wave peak: January 18 at 2:00 PM, when the token price was about 13 USDT;
Second wave peak: January 19 at 12:00 AM, when the token price was about 34 USDT;
Third wave peak: January 19 at 5:15 PM, when the price on Binance reached a maximum of 79.7 USDT;
Current price: Around January 20 at 1:00 PM.
In the analysis of the primary market, a comparison was made between the price before the token issuance and the current price.
Which Tokens Performed Best in the Secondary Market? Which Tokens May Have Been Abandoned?
In the secondary market, we have compiled data on all tokens listed on Binance's spot market, as shown in the figure.
The tokens that appeared three times on the gainers list include RAY, SOL, BTC, JTO, DEXE, and several others. It is evident that three of these tokens are related to the Solana concept, with SOL showing the best overall performance (buying other tokens is not as good as directly buying SOL). The main narrative of this bull market remains BTC and Solana.
There are four tokens that appeared three times on the losers list, including PNUT, ACT, PHA, NEIRO, all of which belong to the Meme or AI concept and were previously among the hottest tokens. For example, PNUT (Squirrel) was a Meme concept for the election, but after the emergence of TRUMP, its narrative is no longer significant; PHA's TEE technology was previously discovered in the ai16z-related token aiPool, but the narrative did not continue, leading to a significant drop. Tokens without strong market control or continuous narrative support will be the first to be eliminated in the current market.
On-chain AI tokens were also significantly drained, so which tokens performed well?
AI Token Review
We have compiled the top 20 AI concept tokens by market capitalization on the Solana chain (limited to pump.fun), and their price fluctuations are shown in the figure below. Most tokens fell by 30%-40%, while those that did not show significant declines or even increased include Fartcoin, GRIFFAIN, arc, GRIFT, BUZZ, and AIOS, which should be considered key focus objects for the future market.
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