A lot of people took yesterday's @chainalysis report to suggest that the TRUMP token was a mass onboarding event, primarily because 50% of TRUMP/MELANIA token holder wallets were net new to SOL altcoins, but that continues to make the same wallet/user fallacies and misses the distinction between interest in TRUMP vs onchain users that are value additive and contribute capital to the broader ecosystem. In the last 30 days, other than Moonshot, other large access points to the token have had their app store rank go DOWN, not up. Meaning, moonshot was likely the access point for almost every brand new user (and many of the current users who wanted to quickly fund fiat) in the US/EU/CAN/AUS/UK and unsurprisingly activity is in a free fall And those wallets are by in large not transacting with any other applications In fact, the total crypto market cap is lower than it was when the token was launched, implying that the capital was not net new and/or any gains or net new capital is flowing out of crypto. With all that said, i've been getting a lot of people reaching out about the token and asking questions about the space. So it's clear that it brought attention and eyeballs in what today, is ultimately an attention economy. But calling it onboarding, at least with the data we have today, is a major stretch. s/o @ElBarto_Crypto and the @artemis team for helping me think through this