Hyperliquid’s decision to list TRUMP and MELANIA on its platform shattered its previous ATH after reaching $22 billion in 24-hour trading volume on January 21, 2025.
Hyperliquid Reaps From the Trump Effect
TRUMP launched in Solana on January 19, 2025, with an outstanding performance. Its fully diluted valuation soared to a staggering $70 billion before settling at around $50 billion.
The token peaked at a market valuation of approximately $14 billion after a surge from under $10 to a high of $74.59.
Despite a significant 40% drop after the launch of MELANIA, the token has maintained a market capitalization of around $11.5 billion.
Shortly after, Melania Trump announced the launch of MELANIA on January 20, 2025, also on Solana. Within hours, the token’s market capitalization exceeded $1.7 billion and surged to over $5 billion.
MELANIA’s price has fluctuated between $12 and $13 while maintaining a market capitalization of around $1.6 billion.
The launch of the tokens had a knock-on effect on the Solana blockchain, which hit an ATH of $294.
Besides Solana, Hyperliquid has also been a primary beneficiary of Trump after listing the two tokens.
Since the listing, the platform experienced a surge in trading volume driven by perp traders:
- Saturday—reached an ATH of $19 billion.
- Sunday—dropped to $15.6 billion.
- Monday—dropped further to $13.4 billion.
Most recently, on January 21, 2025, it broke into a new ATH of $ 22 billion in 24-hour trading volume. Furthermore, it recorded an open interest of $4.7 billion and 24-hour protocol revenue of $9.5 million.
Implications of the Surge in Trading Volume
The surge indicates a significant increase in liquidity, which could drive tighter bid-ask spreads and reduced slippage. This could draw in more traders and investors while improving overall market dynamics from the spillover into the crypto market.
Furthermore, the platform’s high-performance native features and support for complex financial products like perpetual futures could act as a bridge for traditional finance to enter the crypto markets. This creates a favorable ecosystem to bring in more institutional investors.
The platform’s success and design to power a fully on-chain, open financial system may also encourage more developers and projects to build on its platform and further expand the DeFi landscape.
Finally, the surge highlights the influence of meme coins, specifically those associated with U.S. political figures like Donald Trump and Melania Trump. It further emphasizes the significant influence of meme coins on driving market activity and attracting retail investors.
The success of Hyperliquid reveals the growing influence of decentralized exchanges and traders’ continued appetite for speculative assets. Platforms like Hyperliquid, which quickly adapt to market trends and offer sophisticated trading options, will be well-positioned to capitalize on this evolving landscape as 2025 accelerates.
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