Memecoins ***** and MELANIA, launched by President-elect Donald ***** and his wife Melania, have seen their popularity explode in the two short days of their existence. In addition to the tens of billions of dollars in market capitalization the coins have captured over the weekend, they have sprouted a very large and extremely active futures market.
Futures volume for ***** across both centralized and decentralized exchanges crossed well over $50 billion in the past 24 hours, with 23% occurring on Binance.
The TRUMPUSDT perpetual futures launched on Binance on Jan. 18, while MELANIAUSDT saw its first trading day on Jan. 20.
TRUMPUSDT’s notional open interest increased from $145 million on Jan. 18 to $514 million on Jan. 19 before declining to $414 million by Jan. 20. Open interest in ***** tokens increased by 45% over the same period, reaching 7.078 million. The trader sentiment remains overwhelmingly bullish, with 81.1% of positions long.
However, the taker sell volume slightly exceeded the buy volume on Jan. 19, which aligns with the significant profit-taking we’ve seen in the spot market for *****.
MELANIAUSDT perpetual futures seem to exhibit an even faster growth, with the notional value of open interest increasing by 56% to $32.7 million in just an hour and a half after launching. The token open interest increased 65% to 3.095 million.
The long/short ratio is even more bullish than TRUMPUSDT, with 90.87% of positions long. However, the smaller size and nascent activity of the MELANIAUSDT market mean that this dominance might change anytime.
Both ***** and MELANIA coins caught the crypto market by surprise and are emblematic of the meme coin market, where hype and narratives are the main drivers of growth. The huge trading volume ***** has seen over the weekend has significantly impacted Solana-based DEXs and has even briefly rivaled Nasdaq’s daily trading volume. MELANIA also seems to be riding this wave, with a massive spike in volume but at a smaller scale.
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