Trump Media Stock Reaches $10 Billion Market Cap, Tracking Apecoin Trends
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Metaverse and Social Media Landscape
The metaverse remains active despite claims of its demise, with varying degrees of success among platforms. Social media operates in distinct environments: Facebook features conspiracy theories, Instagram focuses on street interviews, and TikTok promotes viral dance trends.
Trump's Digital Ventures
After Trump's ban from Facebook and Twitter following the Capitol attack on January 6, he launched Truth Social in February 2022 through Trump Media & Technology Group. Following Musk's acquisition of Twitter, Trump was reinstated, but Truth Social had already established its own user base, particularly among banned users from previous platforms.
Stock Valuation Trends
Recently, Trump Media & Technology Group's stock (DJT) reached a market cap exceeding $10 billion, having increased significantly since late September. Fidelity valued X Holdings at $9.4 billion, though DJT's value has since fallen below $7.1 billion.
Market reactions for Trump Media & Technology Group stock and apecoin (APE) have closely mirrored each other. The chart illustrates this correlation until the demo of Yuga Labs’ BAYC metaverse, Otherside, in July 2022, after which APE began to decline while DJT stabilized and surged following Ron DeSantis' exit from the Republican race.
Future Prospects
Apecoin may need its own pivotal moment similar to DeSantis' withdrawal for potential recovery in the metaverse landscape.