$Trump Memecoin Recap
If you missed the past few days, I got you covered. Buckle up because $Trump was wild.
Solana and memecoins are as hot as they get right now. I’ve been diving into the memecoin game with great results and even wrote a guide about it here.
If you’re interested in trading memecoins, Moonshot is a mobile app I personally use and recommend. It’s one of the easiest ways to get started. You can download it using my referral link here. Using the link helps support this newsletter at no extra cost to you—thanks for your support!
Hi friends,
Welcome to another edition of Hidden Gems, where I share a curated list of crypto art, apps, coins, content, and charts that caught my attention this past week.
The big headline this week? Trump Coin is making waves. Yes, Donald Trump launched a memecoin, and the results are… well, overwhelming, to say the least.
I’ll dive into a recap and my thoughts in just a bit.
💎 Gem of the Week
PXL DEX by Kim Asendorf
German generative, net, and glitch artist Kim Asendorf has just released a new collection. True to his signature style, where pixels seem to dance, Kim has created one of the most innovative digital art collections I’ve seen in a while. This time, he explores the concept of fungible and non-fungible tokens while staying true to his unique aesthetics and vision.
PXL DEX is a series of fully onchain, real-time animations where each pixel functions as an independent token. It serves as the first artwork in the PXL ecosystem, an experimental project exploring the concept of pixels as utility tokens. The collection features 256 NFTs deployed through a custom smart contract on the Ethereum Mainnet.
The NFTs (decks) are available to mint for 0.5 ETH, plus an additional 0.000001 ETH per pixel (utility token). Each pixel operates as a PXL token, initially held by the PXL DEX smart contract before being linked to the minted NFT. Owners can withdraw or deposit PXL tokens at their discretion. Minters have the option to mint up to 500,000 PXL tokens alongside the NFT. Additionally, each Deck includes an extra allowance of 500,000 PXL tokens, which can be minted later. This allowance is tied to the NFT and transfers automatically when ownership of the NFT changes.
Check out the official website here.
🔬 Kaloh’s Newsletter Deep Dives
Last week, I shared my first deep dive (hopefully the first of many) into the intersection of AI and the crypto market. In this deep dive, we’ll explore the current state of AI agents, the emerging Agentic Economy, market insights, and the key challenges and opportunities shaping this space.
The Crypto AI Agent Market: Beyond Hype and Memes
🗞 News of the Week
Donald Trump Launches $Trump Memecoin
One of the most unexpected crypto stories in recent memory: Donald Trump has launched a memecoin called $Trump. The release has stirred up major discussions and could have far-reaching effects on the crypto world.
The announcement came on Friday, just two days before the presidential inauguration. What initially seemed like a potential scam gained instant credibility when Trump’s official X account shared the contract address and link.
The launch happened in the middle of the night for many Europeans, early morning for Asians, and odd hours for people in other parts of the world—including me—so we missed the early action. Those who jumped on board in the first hour made huge profits, but don’t feel bad if you missed it. The opportunity for gains was incredibly short-lived, so there’s no need to beat yourself up over it.
Why is $Trump Making Headlines?
Trump holds 80% of the supply. Only 20% of the tokens are available to buyers. With a current market cap of $36.58B, Donald Trump has effectively added $36.8B to his fortune, on paper.
He tripled his wealth in 48 hours. Bloomberg and Forbes estimate Trump’s net worth at $6–$7B. Thanks to $Trump, that figure has skyrocketed x2 or x3, at least on paper.
$Trump launched on Solana. This unexpected choice sparked speculation. Meanwhile, Ethereum enthusiasts are rallying against the Ethereum Foundation and Vitalik Buterin, calling for more involvement in shaping Ethereum’s community and culture.
Solana faced major congestion. Reports suggest that Solana processed over $30B in total volume during the launch of $Trump Memecoin. While the blockchain didn’t shut down, high transaction fees and app failures left many users frustrated.
Then, on Sunday, Melania Trump entered the picture with her own memecoin, $Melania. This caused $Trump’s price to drop while $Melania surged to a market cap of $13B before settling around $8B. Unsurprisingly, Melania controls 85% of her token’s supply, valued at over $5B.
The Impact of $Trump and $Melania
What does this mean for the crypto world? Let’s look at the two sides of the argument.
The Positive Side
$Trump Coin and $Melania are giving crypto a massive spotlight. With the President of the United States endorsing memecoins, it’s a clear signal that crypto is here to stay.
Thousands of new users have entered the market, with many buying crypto for the first time.
Solana saw unprecedented traffic and activity, solidifying its place as a major blockchain for new projects.
The Negative Side
This move pushes crypto into uncharted territory. With $Trump Memecoin being tied to a sitting president, questions about conflicts of interest and legality arise.
The enormous wealth Trump and Melania gained ($10B–$50B combined) is unlikely to flow back into other crypto projects. Many buyers who entered just 24 hours after launch are already facing losses.
The industry risks being overshadowed by controversy. Shady business deals and international ramifications could harm crypto’s reputation in the long run.
While $Trump and $Melania are bringing attention to crypto, the long-term effects could be more harmful than helpful.
Interested in hearing your thoughts. Feel free to reply to this email or just share in the comments.
🎧 Kaloh’s Podcast
Last week I shared a great conversation with Sergio Silva, aka @Sergito on X. We discussed his journey from investing to Web 3, building on Solana and his startup, Popset, an onchain social network.
From Wall Street to Decentralize Social with Popset ft. Sergio Silva
🏆 App of the Week
Moonshot
Moonshot is currently the hottest crypto app, gaining massive attention after becoming the first to list $Trump and making it accessible worldwide with smooth Apple Pay integration. In just three days, the app reported over 400,000 new sign-ups!
If you’re interested in trading on Solana, I’ve put together a guide on how to use Moonshot. The app features a curated catalog of coins, ranging from memecoins to AI tokens and more.
Until next time,
- Kaloh
Thanks for sharing your thoughts on the $TRUMP coin, Kaloh! Did you see this text in The Gray Market about how $TRUMP coin could negatively effect the NFT market? Would be keen to hear your thoughts on it, since Tim Schneider is knowledgable but writing from a 'outsider's' perspective, it would be interesting to hear your view on it, too. Personally, I actually mostly agree with him.
https://thegraymarket.substack.com/p/trumpcoin-ends-the-nft-era-as-we