The launch of President Donald Trump’s memecoin, TRUMP on Friday, Jan. 17 sent shockwaves across the crypto industry. With the memecoin currently sitting at a fully diluted valuation (FDV) of $53.1 billion and a marketcap of $10.6 billion, it is the 18th biggest crypto in the world.

QCP Group’s latest insight report analyzed the effect President Trump’s memecoin could have on bitcoin and altcoins with the reach and rapid surge of TRUMP pointing to an incoming shift in capital inflows.

The launch of TRUMP on Solana could be seen as a significant endorsement of the blockchain, raising the possibility that the SOL exchange-traded fund (ETF) could be approved much sooner than anticipated. Other strategic, crypto-focused moves will certainly attract more media attention, leading to a surge in retail inflows.

Aside from memecoins, bitcoin looks ready to rise as it continues to inch toward the $110,000 price level. Michael Saylor heightened the tension by tweeting his famous “Saylor Tracker,” which often heralds another round of buying, along with the mysterious statement, “Things will be different tomorrow.”

Trump’s memecoin launch appeals to institutional and retail investors, as it demonstrates the President’s support for cryptocurrencies. With the possibility of specific pro-crypto legislation on the President’s first day in office, this could just be the beginning of the global adoption of cryptocurrency.

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