Cryptocurrency is a rapidly evolving realm, and one of the latest phenomena to attract attention is the trend toward theme- or personality-based tokens. Most recently, the Solana blockchain has seen the emergence of $TRUMP and $MELANIA tokens, which are drawing interest, it seems, from both retail investors and high-net-worth individuals. However, what on-chain analysis reveals is that these two tokens are currently the site of a market dynamic that is both intriguing and complex—one that is exhibiting a clear divide between small-scale retail participation and the overwhelming influence of just a few key holds. Retail Investors Drive Popularity, but Small
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