#ChartoftheDay Former President Donald #Trump and Tesla CEO and X owner Elon #Musk hosted a conversation Monday on X. Over one million listeners tuned in to the two-hour-plus X space.
Both have been vocal about their attitude towards cryptocurrency, so the conversation also gained special attention from the crypto world. Musk has been credited with raising the prices of cryptocurrencies, including #Bitcoin and Dogecoin, through his messages on X. Trump, as the presidential candidate, participated in the Bitcoin 2024 Conference held at the end of July in Nashville and spoke about the importance of Bitcoin to Americaâs development.
Events involving super influencers like them often give rise to meme coins. Before this talk, a community-driven meme coin, TrumpX, had already built up some traction with solid trading volume and price surges. During the two-hour-plus conversation, a meme coin named YEAH rose rapidly after deployment and soon plunged to as much as 90% of its highest level. The trading volume over the two hours surpassed $10 million.
Topics like Bitcoin and cryptocurrencies were not discussed in this conversation. As a result, most such meme coins went to zero soon after the talk ended, with a lifespan of less than a day.
This phenomenon shows that playful meme coins based on transient events have an increasingly shorter lifespan as the overall market liquidity is still low. Also, the celebrity effect seems to be waning.
