From a macro altcoin supply lens: Feb–Jun emissions averaged ~3–5B/month, or ~1% of altcoin mcap.* But Jan saw TRUMP TGE spike issuance by nearly 3%, contributing ~30% of that month’s total emissions—followed by a bearish shift in the market. In contrast, PUMP’s TGE in July made up ~39% of the month’s emissions but impacted mcap by just 1.5%. TGE valuation and its effect on mcap is a key value worth tracking. *Based on tracked mcap from http://Tokenomist.ai(Tokenomist)