Cathie Wood, CEO and Chief Investment Officer of ARK Invest, said US President Donald Trump is ushering in the next phase of the crypto revolution.
January 22nd interview In an interview with Bloomberg, Wood said of Trump's official TRUMP token, which was launched just before his inauguration as the 47th president of the United States.
“[Trump Coin] it won't be of any use […] There is speculation that […] One of the benefits of owning this coin is that you'll get to meet President Trump. We don't know if that's the case, but for now, not much is known about the coin's usefulness, other than that it's President Trump's own meme coin. ”
She compared the current wave of meme coins to the new coin offering (ICO) movement in 2017.
“I think it’s true that the ICO movement in 2017 brought this new technology, or at least a curiosity about this new technology, to a whole new group of people. And, you know, the traditional cryptocurrency world. Some people were considering it, and I think he used words like cringe or something like that, but it really opened a lot of eyes.”
Last week, the TRUMP meme coin soared 11,000% within hours of its launch, and meme coin trading volume increased by 30% over the past seven days to reach $17.98 billion.
When asked if he would buy Trump coins, Wood declined.
“We've pretty much stayed away from meme coins. We're very focused on the big three,” he said, referring to Bitcoin (BTC), Ether (ETH), and Solana (SOL). .
Turning to the larger cryptocurrency ecosystem, Wood expressed optimism about the future of decentralized finance.
“We think the decentralized financial services movement (some call it DeFi or internet financial services) is going to be big, and that's exactly what Ethereum and Solana are based on,” she added.
In December 2024, Wood reiterated his prediction that BTC could exceed $1 million by 2030.
Related: The Trump Era Begins: SEC Launches Crypto Task Force Led by “Crypto Mom” Hester Peirce
Whales monopolize Trump coins
According to blockchain analysis firm Chainalysis, the TRUMP token and the official MELANIA token are controlled by 40 crypto whales.
These whales hold more than $10 million in any one token and represent 94% of the total token supply, the company said in a Jan. 22 X post.
Wallets holding between $1 million and $10 million account for 2.1% of all holders, and wallets holding between $100,000 and $1 million account for 1.7%. Approximately 2.2% of token holders hold a value of less than $100,000, highlighting the dominance of high-value holders in these tokens.
DexScreener data show Trump is said to be in 790,000 wallets and Melania is in 343,000 wallets. Despite this concentration of whales, Chainalysis noted that the token brought a wave of new users to the cryptocurrency, with nearly half of buyers creating a wallet on the same day they purchased the token.
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