$ANSEM Passes $TRUMP in Market Cap. On-Chain, Here Is What the Flip Does and Does Not Mean

It finally happened: the influencer memecoin $ANSEM has passed Donald Trump's $TRUMP token in market capitalization. On DEXTools, ANSEM (The Black Bull) shows a market cap near $417 million against TRUMP's roughly $400 million, after a move of about 33% on the day that pushed it back toward its all-time high. A nine-month-old creator coin outrunning the sitting president's token is a real milestone. But market cap is a slippery number, so we read both tokens on-chain to see exactly what the flip means, and what it leaves out. The flip is genuine. It is also only half the picture.

Yes, ANSEM really did flip TRUMP by market cap

The key is how much of each token is actually in circulation. ANSEM launched on pump.fun, and like most tokens from that launchpad, nearly all of its roughly 1 billion supply is already circulating. At about $0.42 a token, that puts its real market cap around $417 million. TRUMP is the opposite: of its 1 billion total supply, only about 24%, roughly 238 million tokens, is unlocked and trading, with the rest still vesting. At about $1.68, that circulating slice is worth close to $400 million. Compare the two market caps, and ANSEM is now narrowly ahead. This is not a trick, it is a legitimate circulating-market-cap flip.

One honest caveat on the number itself: trackers disagree on ANSEM's circulating supply. DEXTools counts nearly the full billion, which is why it shows about $417 million. CoinGecko counts less of it as circulating and therefore shows a smaller figure, around $165 million, on which the flip does not appear. For a pump.fun token with no meaningful lockup, the near-fully-circulating reading is the fair one, but it is worth knowing why two reputable sites can show different market caps for the same token on the same day.

The other half: by fully diluted value, TRUMP is still 4x bigger

Here is what the flip headline leaves out. Because ANSEM is almost fully circulating, its market cap and its fully diluted value are basically the same, about $417 million. TRUMP is not: with three quarters of its supply still locked, its fully diluted value, every token at today's price, is about $1.68 billion. On that measure TRUMP is still more than four times the size of ANSEM. So ANSEM has overtaken the value of TRUMP's tradable float, not the value of the whole token. Whether that matters to you depends on whether you think TRUMP's locked supply will ever weigh on its price when it unlocks, which is exactly the kind of question our guide to market cap versus FDV is built to answer.

Why ANSEM caught up: momentum, not fundamentals

The flip is really a story of two opposite trajectories. TRUMP is down about 97.7% from its January 2025 launch high of $73, a long grind lower as its early hype faded. ANSEM is trading within about 10% of its own all-time high and was up roughly a third on the day we checked. On-chain, the momentum shows up in volume: ANSEM did about $12 million in 24h trading on DEXTools against TRUMP's roughly $3 million. A creator coin is now simply changing hands more actively than the president's token. This fits the broader creator-coin surge we mapped in our breakdown of the 2026 influencer-token meta.

The number that keeps it honest: 1,455 holders

One on-chain figure should temper any victory lap. TRUMP is held by about 645,772 wallets. ANSEM is held by about 1,455. That is a 440x difference in holder base. ANSEM can post a bigger market cap and heavier volume while its ownership stays extremely concentrated, which means its market is thinner and its price can move much harder in both directions. We detailed that concentration and ANSEM's on-chain liquidity in our full breakdown of The Black Bull. It is not a verdict on the token, it is a risk fact: a $417 million market cap spread across 1,455 wallets behaves very differently from one spread across 645,772.

The takeaway

So, did ANSEM flip TRUMP? By circulating market cap, yes, and that is the metric most people mean. By fully diluted value and by holder base, TRUMP is still far larger. Both statements are true at once, and holding them together is the whole point: a memecoin ranking is only as meaningful as the number underneath it. Before you trade the next flip headline, check which market cap is being used with our guide to market cap versus FDV, and screen the token itself with the Token Safety Checker.

Methodology and disclaimer: market cap, FDV, price, 24h volume and all-time-high distance for $TRUMP (Official Trump) and $ANSEM (The Black Bull) were read from DEXTools and CoinGecko on July 7, 2026, with total supply confirmed on-chain via Solana RPC and holder counts from DEXTools. Market-cap figures depend on how each tracker counts circulating supply, which is why they can differ between sites; we use the near-fully-circulating reading for ANSEM and the unlocked-only reading for TRUMP. Figures are approximate and change continuously. This article compares publicly listed tokens as market data only, is not affiliated with any named individual, and is not financial advice. Memecoins with concentrated ownership carry high risk.