Trump’s Social Media Post Ignites Memecoin Rally

A post by former U.S. President Donald Trump featuring the PEPE meme coin led to a significant surge in trading volumes and prices, showcasing the powerful influence of social media on cryptocurrency markets. This event raises questions about the sustainability of these rallies driven by online narratives and highlights the volatile nature of the memecoin market. 46.59% volume spike in PEPE was observed immediately after the post, leading to a peak market cap of $6.08 billion. This surge outpaced Dogecoin and Shiba Inu, demonstrating the influence of celebrity endorsements on the crypto market.